Miller Archive

Changing Tides

I’ve been thinking that when the Fed turns its attention to inflation it will find itself way behind that curve, which it is by any mainstream standard, and that the curve then gets negative from a year or two out as markets anticipate rate hikes followed by falling inflation and rate cuts. ...Read More

Now versus the 1970s

Looks very much like the 1970’s to me. Yes, the labor situation was different then – strong unions due to strong businesses with imperfect competition, umbrella pricing power and the like. But it was my take then that inflation was due to energy prices, and not wage pressures. Inflation went up with ...Read More