Is the Fed Raising Rates the Right Way?

When the third stimulus package, the so-called American Rescue Act that Biden put through became effective, we basically had been flatlining for the last 22 months. If you look back at the historical theories for real retail sales or anything similar, you can't find anything that's even remotely close to a really vertical surge of sales by almost 50% in that period of time. The point I'm making here is you can't expect that you don't want to expect to happen because we're so far off the historic charts with all these distortions.

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