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The Fed Hiked Into a Supply Shortage. Good Luck on that!
The Fed delivered a hawkish hike yesterday, and I dig into why I think raising a quarter point does nothing for the inflation people feel at the grocery store. My argument is that this is a supply problem, from El Niño-hit crops to the rare-earth and energy crunch, and tightening into a supply shortage does not fix it. I also call out Fed Chair Kevin Warsh for talking out of both sides of his mouth, claiming the Fed cannot move the price of any single item while also selling the hike as help for families squeezed by everyday costs.
Zooming out, I make the case that a US-China Cold War is…
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