Commentary
Remember the transitional and temporary inflation that was supposed to come and go? We are now getting warnings from high up that this is the new normal.
It’s a pattern with which we’ve become very familiar. Two weeks of lockdown became two years. One-hundred days of masking turned into a full year, and the Biden administration is still fighting to bring back the mandate on transportation. And the temporary pain of price increases has turned into a permanent state of affairs in which the hopes of sound money have been completely dashed.
Fed Chairman Jerome Powell actually intimated this in June at a conference in Portugal. If you speak the language called Central Banker and parse his words carefully, you can see exactly where this is going….