A comprehensive decomposition of the changes in consumer prices since the pandemic began suggests that supply constraints in a handful of sectors are still the main source of the trouble.
It's mostly in bank accounts held by the highest earners, plus housing. Also: digging into the weakness in dividend income.
U.S. consumers saved trillions via lower spending and generous government aid. So far, they have yet to go on a spending binge to make up for lost time…
The big themes of the year, as well a roundup of what I've done since I launched in July
Foreigners have been lending in droves to the Federal Reserve, buying oodles of Treasury debt, and parking tons of deposits and repos into the U.S…
Some thoughts on Tooze featuring Listian political economy, cross-border financial flows, and railway routes
But that's not the same as being "hawkish"
Some thoughts for both sides
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