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The US Federal Reserve these days seems to be acting more like a lawyer than an economist

According to an old saw, the difference between lawyers and many other professions is that the former can argue with 100 per cent conviction even when the foundation for their view is uncertain or low.

By contrast, many economists are either unsure, or outright worried about inflation being persistent. Indications of market froth are multiplying in an “everything rally.” 

The world’s most powerful central bank is publicly committed to having to wait for several months of actual upward inflation deviations before responding. 

Mohamed El-Erian FT 3 May 2021


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