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Striking Parallels Between Today's Inflation Report And 2011
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No one remembers the "red hot" and "sticky" supply shock of 2010 and 2011 BECAUSE it was, yes, transitory. The Fed didn't need to raise rates or do anything. In fact, the FOMC was busy with more "accommodating" policies like Operation Twist and then two more QEs, yet consumer prices disinflate-d anyway. Outside of one artificial piece of the CPI, the January 2024 version was in every other way just like back then.
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