morning chart.
want to know why the Fed and I are sticking to transitory inflation, even though it's lasted longer and been higher than we expected?
Covid has its nasty fingerprints all over the extra inflation. Jan 2020 vs Oct 2021. #GetVaccinatedNow
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tran·si·to·ry: Of or pertaining to the transition out of a COVID-hampered economy.
The relevant variant in the model was never “time”.
It's unfortunate that the same people complaining the most about inflation are the ones least likely to be vaccinated and to wear masks where appropriate, and thus the ones complaining about the length of time are the ones slowing the transition out of a Covid-hampered economy.
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Thought experiment: does anyone expect that inflation would be at 5% if COVID had ended a few months ago?
Since the pandemic is the cause, sure seems strange to call for a monetary cure: we could just end up with a recession on top of a pandemic.
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