Not exactly hammering the transitory theme here
- We still expect inflation to abate
- High inflation is the result of supply chain bottlenecks
Whenever an economist or analyst says 'still' they don't really believe in something anymore. It's something I've written about. The word 'still' is a red flag when you're watching markets.
One of the big overlooked messages in his comments yesterday was that he noted that supply chain issues are getting worse.
