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A simple equality explains the growing mess.
#China yuan keeps plummeting to new lows as #deflation and #recession collide in growing global #dollar shortage. Yet, Jay Powell tells Congress he's more worried about #inflation even though this key #money signal is one among many against it. A recent paper by Ben Bernanke actually describes the mainstream problem - in the process inadvertently explaining why Powell is so off.
Eurodollar University's Money & Macro Analysis
Testimony Jerome Powell: Semiannual Monetary Policy Report to the Congress; June 21, 2023
https://www.federalreserve.gov/newsevents/testimony/powell20230621a.htm…
The skinny
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