The American Consumer Is Losing the Inflation War
For months, investors searched desperately for signs that inflation was finally under control. They may have been looking in the wrong place. The latest US...
Category: Monetary policy
Europe’s Inflation Trap Returns
For months, central bankers tried to convince themselves that inflation was dying peacefully. The post-pandemic shock was supposedly fading. Supply chains were normalising. Energy prices...
Europe’s Inflation Mirage Is Breaking Apart
For nearly two years, Europe comforted itself with a reassuring narrative. Inflation, we were told, was under control. The energy shock belonged to the past....
America Discovers the Cost of War
For nearly two decades, the United States lived under a comforting illusion. Inflation belonged to history books, energy shocks belonged to the 1970s, and supply...
The Most Dangerous Chair in the World
Kevin Warsh arrives at the Federal Reserve at the precise moment when the institution is losing the luxury of ambiguity. For more than a decade,...
America’s Debt Empire Meets the Reality of Inflation
For years, the United States benefited from a privilege so enormous that most investors eventually stopped questioning it. Washington could borrow endlessly. Deficits no longer...
America’s Inflation Illusion Is Dying in an Oil Fire
For months, markets desperately tried to believe that inflation in the United States was under control. That illusion is now collapsing. US wholesale inflation surged...
America Rediscovers Inflation and the Consumer Starts Breaking
For nearly two years, Washington repeated the same comforting story. Inflation was under control. The Federal Reserve had won. The soft landing was intact. Growth...
The ECB Between Oil, War and the Ghost of Stagflation
The European Central Bank has not raised rates yet. But it has opened the door. At its latest meeting, the ECB kept the deposit rate...