Great analysis. According to Adam Tooze the core inflation measure that the Fed tracks for policy purposes excludes food and fuel prices because they're too volatile. So Biden and his advisers kept focusing on that measure and failed to acknowledge the fact that prices for food and fuel - the key indicators of price change for most consumers - were sky-rocketing.
“If we’re lucky a more populist alternative from the Left will emerge too”….and do what exactly? What’s the point in writing this if you don’t spell out what they will add?
As Clinton once said, it’s the economy, stupid!
This was great Dimi.
Great analysis. According to Adam Tooze the core inflation measure that the Fed tracks for policy purposes excludes food and fuel prices because they're too volatile. So Biden and his advisers kept focusing on that measure and failed to acknowledge the fact that prices for food and fuel - the key indicators of price change for most consumers - were sky-rocketing.
Ooh. Thank you. I wasn't aware of it - kind of mind-boggling, and helps explain a lot.
(For anyone who wants to read the post Jon is referring to, it's here: https://adamtooze.substack.com/p/chartbook-327-from-anti-core-to-felt)
“If we’re lucky a more populist alternative from the Left will emerge too”….and do what exactly? What’s the point in writing this if you don’t spell out what they will add?