In September, the Bank of Japan intervened to stem a persistent bleed, buying yen for the first time in twenty-five years
- Bond markets, rattled by new UK prime minister Liz Truss's unexpected announcement of yet more unfunded tax cuts and increased spending, sold off violently in the pound's largest ever single day decline
- The full impact of the Federal Reserve's top to bottom bungling of inflation on its major advanced trading partners has yet to fully materialize
- Changes in the real economy lag changes in interest rates, but already warnings from Seoul and Delhi suggest the reversal of capital flows resulting from capital moving into treasuries is hindering necessary investment.
Had the Federal Reserve been bound by some version of the Taylor rule, rates would have automatically adjusted as soon as inflation began to tick up in 2021.
- Wishful thinking, misleading narratives, and an unaccountable few have given the global economy a series of unnecessary and deadly shocks.
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