The Deeper Dive: It's Going to Take a Lot More Money to Get Where We're Going

The dip in CPI was hardly even a quibble with the rising trend in inflation.

This week saw a tiny drop in CPI that stock and bond markets instantly took to be solid evidence that inflation was done rising for 2024. It took them almost half a year to accept repeated evidence that inflation was rising and, therefore, start to price out Fed rate cuts; and they completely ignored half a year of evidence before that, which presented …