June 10, 2021

DO TELL: Not a drill: Inflation is here. “The optimists, including those at the Fed, believe that the current inflation is temporary — a combination of demand spiking as the economy reopens while the supply chains haven’t fully recovered from the disruptions of the pandemic lockdowns. But this understates the scale and scope of what we are seeing. There are reasons to believe that the current moment is different from previous economic recoveries.”

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