The Last Global Neoliberal Institutional Pillar Could Soon Crumble

By Michael Every of Rabobank We're All In A Hole Alright The Fed minutes overnight showed the FOMC largely united behind rates on hold in July as they "assessed that the effects of higher tariffs had become more apparent in the prices of some goods but that their overall effects on economic activity and inflation remained to be seen." Indeed, the key point was that they "judged that considerable uncertainty remained about the timing, magnitude, and persistence of the effects of this year's increase in tariffs." Does anybody anywhere know how the current confluence of inflationary and deflationary forces will…