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Markets are losing faith in central banks – The Australian Financial Review
Bond vigilantes may stop believing the US central bank’s assurances that inflation is under control and take matters into their own hands.
It is persisting even though the broad M3 money supply has grown at 24 per cent over the past year. It is downplaying all evidence of pent-up inflation as temporary.
What the Fed is doing is a pure drop of helicopter money. Inflation could be headed for double digits by the end of the year, says Lars Christensen, founder of Markets and Money Advisory, and author of a book on Milton Friedman.
The Fed follows a New Keynesian lodestar and no longer pays attention to monetary data.
The economy is at…
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