And the econs are in hysteria. Not because of the unexpected MoM CPI jump, but they are in hysteria that no one knows how to change base by resetting delta X. That sort of inverse hysteria is quite troubling for me and reveals a whole lot about econs expecting most econs to be ignorant numbskulls.
But the real effect is in the market, down, and in oil, up, and in rates, the ten year up by ten basis in one day. The FX insurers are going to demand higher rates, the exporters are buying oil, dumping financial assets, and Janet warned us about this, and all econs seemed to mis-interpret her words. Janet is worried about a sudden stop in the senate.
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