The Fed’s Squid Game

Check out the accompanying pdf and chart collection. (1) Fed’s green light enabled the V-shaped recovery. (2) Light was still green when inflation was deemed to be transitory. (3) More persistent inflation forces Fed to turn on flashing orange light. (4) Will a wage-price spiral force Fed to turn on the red light? (5) Powell is frustrated. (6) Will supply bottlenecks also be less transitory than Fed expects? (7) Lots of liquid assets. (8) Parts shortages depressing output in US and Eurozone. (9) Mixed readings in September’s CPI. (10) Stock market bulls likely to charge through flashing orange light. (11) It’s still a green light for banks. (12) China’s faulty light switch. (13) Movie review: "Squid Game" (+).