MacroVoices #383 Juliette Declercq: Update on Immaculate Disinflation Thesis
Macro Voices
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The Fed's Reaction to the Initial Price Shock Banishment
If the budding drowned trend persists, the Fed will likely stay put and pat themselves on the back for tightening policy enough. We're definitely close to the end of the rate hiking cycle but really what's interesting is wages. In other words, while I was right on the initial COVID price shock banishing, price pressures persist due to the classic lag, second-run effects on services prices and wages.
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