Today’s hotter-than-expected inflation report just handed fresh ammunition to the Federal Reserve’s trigger-happy hawks. Christopher Waller, who is rallying Wall Street for a 50-point hike, is now the poster child.
Let’s be blunt about what Waller wants: A recession to fight an energy-price shock. What the Waller Fed doesn’t understand—where’s Stephen Miran when you need him—is that the energy price shock is already doing the job of the rate hike.
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