As readers will know by now, the mid-week inflation report came in “hot,” such that a June interest rate cut if thought to be off the table. Markets tumbled, and expectations for interest rate cuts tanked as well. Apparently no one has been paying attention to soaring commodity prices, which is usually a bad sign. In any case, here’s a before- and after- shot at why Biden is desperate for inflation and interest rates to come down as soon as possible:
And here’s what the Wall Street Journal’s chart of market expectations for a June interest rate cut now look like:
Good luck, Joe.
