From the desk of Vance Howard:
The markets and the news have gotten so bad that it might actually be good. Confidence has dropped to about as bad as I have seen it in over 35 years. I was taken aback by Treasury Secretary Janet Yellen’s admission “Well, look, I think I was wrong then about the path that inflation would take,” Yellen answered. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, that I at the time didn’t fully understand. But we recognize that now.” I appreciate her candor but anyone reading the Wall Street Journal or Investor Business Daily could see there was a real problem with inflation starting as far back as last year. Her latest hypothesis that we will not fall into a recession is not very inspiring.
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