Ripping a New Hole

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Well, it’s that time of year again – – late August, when the annual Jackson Hole conference o’ surprises appears. This article from Bloomberg makes it plain what’s coming up with the big closing speech this Thursday morning………..

Jerome Powell is going to do whatever it takes to not just create inflation, but also to push it above its magical-for-no-particular-reason 2% level. As the chart of inflation-indexed securities suggests below (which, by the way, is a negative number) we’re far, far away from even 2%, which I’ve tinted. God help us all when this man starts yapping in a couple of days.

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