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Happy Fed day to all who observe. Market expectations are for a quarter-point rate hike from the Federal Open Market Committee, and some weaselly language pointing to the possibility of future rate hikes but not committing to them. The one thing you won’t hear Fed Chair Jerome Powell discuss on Wednesday is the money supply. Money supply went out of fashion as a way to forecast future inflation when its changing stopped moving in tandem with GDP growth and inflation, but the huge surge ahead of the current run-up in prices has given monetarists some new life.
Scott Grannis, the long-time chief economist at Western Asset Management who now authors the Calafia Beach Pundit blog, put …
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