It’s amazing that markets have calmly accepted the widely-held belief that the Fed will respond to rising inflation expectations by printing even more money to buy bonds to keep yields from rising. Fighting inflation with inflation guarantees inflation wins and the dollar loses.

It’s amazing that markets have calmly accepted the widely-held belief that the Fed will respond to rising inflation expectations by printing even more money to buy bonds to keep yields from rising. Fighting #inflation with inflation guarantees inflation wins and the dollar loses.

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