The Fed Is Not Operating a Dial, It's a Switch

In 2021, we calculated that with what had already happened with where debt to GDP was, the US needed to let inflation run between 10 and 20% CPI per year for four to five years. That would get debt to GDP down to a sustainable level from which the Fed could normalize rates. And then all of a sudden at the end of 2021, early 2022, the Fed and certain politicians panicked. It became the number one political issue. So I think what we are going to see is a basically sort of game back on re acceleration of the Argentina with US characteristics or US US with Argentine characteristics. But cynically it's not an election year, so they've got a little bit of