The Overshoot
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.
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It's mostly in bank accounts held by the highest earners, plus housing. Also: digging into the weakness in dividend income.
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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…
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The big themes of the year, as well a roundup of what I've done since I launched in July
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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…
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Some thoughts on Tooze featuring Listian political economy, cross-border financial flows, and railway routes
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But that's not the same as being "hawkish"
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Some thoughts for both sides
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The Overshoot


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