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The Fed Finds Religion

Posted on May 14, 2008

Has the Federal Reserve found religion? Yesterday's verbal barragefrom a host of Fed speakers, both voters and non-voters, suggested thatthe FOMC has started to notice that the cost of living is going up. Alot. It is probably through that prism that yesterday's strong USretail sales report should be viewed; it is hard to credit thatspending growth has encompassed much beyond basic necessities. Such aconclusion, at least, is the least that can be reached on the basis ofa chart posted on The Big Picture yesterday.Now,central banks are in a tough spot here. One might (and indeed, MacroMan would)...

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