The Fed Admits It Has Lost Control | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

The Fed Admits It Has Lost Control

Like any junkie with an addiction, the first step is admitting that you have a problem.

It was no sooner than Paul Krugman came out less than two months ago declaring a win for what he called “Team Transitory” that Jerome Powell sat in front of a Senate panel and was forced to admit he had a problem.

Powell seemed to come to terms yesterday that he was stuck between a rock (brutal, unrelenting consumer inflation) and a hard place (the inability to raise rates or taper without fuck-tangling the entire economy and capital markets).

The Fed Chair admitted in front of a Senate panel yesterday that “it’s probably a good time to retire” the word “transitory” to describe inflation.

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