The Fed Was Totally Wrong on Inflation, but Here Are Some Arguments That Could Exonerate It.
The ECB and other major central banks have obviously followed the Fed's lead.
Central bankers, led by Jerome Powell, had promised us for months that inflation would be transitory. Reality has caught up with the Fed and the ECB, and everyone can now agree that inflation is not transitory. Jerome Powell expected inflation to be 2% in America, it is still very close to 9% in July 2022.
The Fed and the ECB were supposed to make sure t…
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