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Personally, I’m tired of the focus on Jerome Powell and the Federal Reserve. We just went through the fastest rate hike cycle in history, and any incremental rate hikes now matter far less than the lagged effects of what has already taken place. I’d argue what matters far more now to inflation is the outlook for oil and energy prices more broadly. Why? This is because of cost-push inflation’s impact on every single part of the global economy. When I look at oil prices here, it does look like we’
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