Some Specifics of ‘Transitory’
Silver linings have been hard to come by lately, especially last year. Twenty-twenty was a total washout in almost every way imaginable; and that’s an understatement. Still, there were some small signs of genuine progress such as Jay Powell’s thorough contribution to QE debunking. Bank reserves went sky high while practically nothing else did (other than equities), certainly not inflation. [...]
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