“Who are you going to believe?” Chico Marx asks in Duck Soup. “Me or your own eyes?” The Federal Reserve insists that stubbornly persistent high inflation, clocking in at its highest level since 1990, is transitory. After 18 months of the largest monetary expansion in U.S. history and trillions of dollars in new and old spending from the Biden administration, the hidden tax is likely to linger as an annoying pest longer than the Washington establishment had initially anticipated. This, according to one prominent market strategist, threatens the Eccles Building’s credibility. But did the Fed even have any credibility in the first place?
One of the Worst Calls Ever?
Mohamed El-Erian, the chief economic adviser at Allianz, recently sat down for an interview with CNBC’s Dan Murphy at the ADIPEC energy industry forum in Abu Dhabi, the United Arab Emirates. He presented the case that ...
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