In another unconvincing display, Powell launched a de-facto AIT (average inflation targeting) regime in the US. Inflation will now be allowed to overshoot to compensate for recent undershooting. This also means that the Fed now actively tells you to buy EM (and risk assets), sell the USD and pay inflation (buy TIPS) and it is probably not wise to structurally fight the Fed. After all, it is a little tiresome to continuously lean against a gale force wind of free USD liquidity. The Fed will have to fight both gravity and demographics along the way as a chart that went viral on Twitter shows. Births per 1000 women lead … (full story)
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