I would never claim to have the expertise of the gentlemen who control our monetary policy, but I firmly believe that now is the time for the governors to ratchet down short rates, in order to stay ahead of the curve. IMHO, they focus too much on the wage inflation bogey, not enough on the CRB index and oil in freefall, a flat to inverted yield curve, and other indicators not of inflation, but of deflation.
Add to this, Mr. G has received his gift of asset inflation being calmed down in rapid fashion - bye-bye "irrational exuberance"!
I hope all will comment, whether they feel rates should be dropped, raised, or remain the same. |
