PLW - Yields Not Dots; Another Example Of Why Inflation Had(s) No Chance

• The latest update for the June 2021 central bank conclave shows several more voting members projecting the first rate hikes to begin toward the end of next year, a supposedly very hawkish shift from the last time.
• While that may be true, it also doesn’t mean anything, especially as it changes nothing about the latest inflation figures in the CPI or PCE Deflator.
• How and when yields move, these are hugely important clues about the hidden state of money and economy as each unfolds. If yields are behaving differently, then watch yields not dots.

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