
Investors beginning to realize the Fed’s dilemma is akin to that of an Emerging Market (FFTT, 3/23/22)
…the Fed is increasingly being forced to consider what is the least bad policy mistake it wishes to be remembered for: meeting its inflation target by causing a recession, or allowing high and potentially destabilizing inflation to persist well into 2023. This awful trade-off is familiar to too many developing countries.-Mohamed El-Erian, March 22, 2022, via Bloomberg “Our economy will need deep structural changes in these new realities, and I won’t hide this—they won’t be