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Why TACO is Not Working
Markets have been slow to recognize the persistence of inflation and the likelihood that U.S. monetary policy will need to remain restrictive for longer than previously anticipated — two points made repeatedly in SriKonomics issues. This past week may prove to be an inflection point, marking the first clear shift in market perception. At the start of the week, with the Strait of Hormuz still largely closed to oil-carrying tankers, President Trump issued an ultimatum to Iran, giving the regime five days to respond before the United States would target energy facilities. When no response was forthcoming — and as ... (full story)
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