Powell isn't a villain for pulling his foot off the money-creation accelerator a little. No, Powell's villainy stems from his role in helping create the boom in the first place.
Powell said that moving forward "we think it's time to just go to a meeting by meeting basis." Translation: "Things might go even more off the rails at any time, so let’s just play it by ear."
June was the fifteenth month in a row during which price inflation outpaced earnings growth. June's gap is also among the biggest we've seen in decades.
The United States economy may have delivered no growth in the first half of 2022 after the decline in the first quarter, narrowly avoiding a technical recession.
After more than a decade of monetary stimulus fueling elevated asset valuations and incentivizing an enormous leveraged bet on risk, a soft landing is impossible.
