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If you are curious why the Fed is once again choosing to favor growth over price stability, Read Arthur Burns from 46 years ago… The Fed has completely lost its bearings and is no longer in control. The emperor has no clothes. Powell’s uncertainty in the presser & his clear resignation to what has become a rudderless political process is clear. The 🌎 where the simple 2 dimensional lever of monetary policy could reasonably be expected to navigate between growth & price stability is gone. Enter the 1970’s👇

jam_croissant ↗