Commentary
Most people under the age of 40 have no financial experience in a world of positive interest rates for most dates of maturity. Maybe that sounds geeky and like it doesn’t matter much. It’s actually a huge thing.
The financial situation that emerged after 2008—the Fed chairman from back then got a Nobel Prize recently for creating disaster—affected not only finance but culture and morals, not only of the United States but the whole world.
In the last 60 days, everything has begun to change, thanks to the current Federal Reserve chairman’s attempt to avert an inflationary disaster. He began to raise rates once he realized that he had been trolled during the pandemic to delay his intention to patch up the Fed’s balance sheet and get the country back on the path to normalcy. His campaign began in earnest in the fall of 2020, when he commenced the steepest increases in lending rates in Fed history….