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The Supply Shock Inflationary Dynamics
The price of oil is at $140 and the price of gasoline in California, for example, is at $7. That means they're going to be going to malls less. Shouldn't therefore the 10-year note rally somewhat because it's deflationary? What do you think about that? And just inflation in general)? I'll give you the textbook central bank policy answer for this: When you have these supply shots like this, you look through them.