OPINION: It seems clear that the Fed no longer is focused on creating full employment as a first priority, and, instead, is fully focused on restoring price stability. I hope this means we have our central bank back on the job.
Inflation has come up to a 40-year high and that should tell us several things. One is that you have to be over 60 years old to have experience with the Fed fighting inflation like this in your Wall Street career. Most of the people who are holding forth as analysts in this situation have nowhere near that kind of experience and perspective.
I’m not prepared to argue that you need to have lived through some of these Fed tightening episodes to understand them. But I am arguing that what we have seen in recent economic cycles...
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