Has The Fed’s Monetary Policy Playbook Run Out Of Road?

What are the implications for the economy and monetary policy’s efficacy? They’re huge. Exactly how so is the mystery. All bets are off, however, if inflation ramps up significantly and persistently. But expecting that scenario requires dismissing a powerful secular trend that, so far, has proven the inflationistas wrong, again and again.

All of which brings us back to the perennial question: Is it different this time? If the answer is “no,” a very strange world of monetary policy awaits.

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Disclosures: None.

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