The fed "has no intention of cutting rates" probably says it all. Classical economic theory = inflation is caused by overheated economy so tighten money (raising interest rates) to cool economy and control inflation. Problem is there are many types and causes of inflation -- it's basically a supply/demand imbalance. So the question is more if *this* inflation really caused by an overheated economy??? Or perhaps Fed/Treasury induced QT money supply? Wage push? Supply chain? ... if the cure doesn't fit the problem then it's simply not a cure. Either way, it's not good for economy ... and thats mean not good for equities nor bonds. Things to think about going forward!
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