I wonder if Biden’s Press Secretary Jen Psaki will argue that inflation is transitory … again?
Well, the US is exporting inflation to our trading partners. US Export Prices by end use rose 18% YoY.
Of course, with the Biden Administration shutting down energy pipeline and drilling, it is not surprising.
Then we have the advance retail sales numbers for October. Growing at 16.3% YoY with massive monetary stimulus still in play.
Then we have Federal Reserve Bank of St. Louis President James Bullard saying that the central bank should speed up its reduction of monetary stimulus in response to a surge in U.S. inflation.
You mean like what Mankiw’s specification of the Taylor Rule model suggests??