This is in some ways just a re-statement of Scott Sumner's observation that the strength in aggregate demand is inconsistent with monetary policy having been overly restrictive, despite what we might try to infer from changes in official interest rates. I make a similar case here https://stephenkirchner.substack.com/p/2023-year-in-review
This is in some ways just a re-statement of Scott Sumner's observation that the strength in aggregate demand is inconsistent with monetary policy having been overly restrictive, despite what we might try to infer from changes in official interest rates. I make a similar case here https://stephenkirchner.substack.com/p/2023-year-in-review