A month ago, many people were pretty sure serious inflation concerns had passed. After the equivalent of 22 quarter-point rate hikes and the biggest drop in the M2 money supply since the Great Depression, consumer prices rose only 0.2% in July, with the year-over-year rate of increase down to 3.2%, well below its 8.3% increase in the twelve months ending in August 2022, after Russia invaded Ukraine.
Our Stagflationary Future
September 11, 2023