The economic data show inflation running hot and unemployment at low numbers. The Federal Reserve, Bank of England and the European Central Bank (ECB) have the same playbooks of encouraging growth for a longer time to ensure that the benefits of a tighter labor market reach people who have been hardest hit. The objectives are worthy but we’re past time for stimulus to be tapered off. As Exhibit A, see “irrational exuberance” in the stock market. We’ve seen this movie before, in fact we’ve seen it too many times.
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