“Repeated And Persistent Supply-Side Shocks” Are Here To Stay

By Michael Every of Rabobank Chicago Fed President Goolsbee just warned the FOMC can’t ignore repeated and persistent supply-side shocks and must respond in a way that will cause economic hardship. However, repeated and persistent supply-side shocks are now the norm, not short-lived, aberrant events. Putin won the Russian election with a supermajority: fears are escalation is imminent via sabotage in Europe, mobilization, or provocations to NATO. The FT notes a Kremlin-backed forgery scheme moved $6.9bn through global banks, as diplomats blamed France for an EU deal to renew 3,000 Russia sanctions listings lapsing. Trump pressed Zelenskyy to stop hitting…