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For anyone wondering how this is connected to inflation:
Markets are in freefall because earnings reports have missed estimates something shocking. This tells you that all the price rises we've seen (in all kinds of stuff) have not just been BS excuses to crank prices and increase margins. They have been a legitimate passing on of costs to the consumer.
This means that the price increases are supply driven, not demand. Which means that interest rate rises will not solve the problem, or at least not doing so without tipping things into a pretty painful contraction.
Stagflation is now here.
I think we're pretty close to saying stagflation was here.
Recessions typically follow when the yield curve uninverts and the Fed starts cutting.