The @wsj is right on this: “Even if the Fed cuts, the days of ultralow rates are over.” Also, we are yet to deal fully with the consequences of the over-indebtedness and resource misallocations encouraged by the protracted period of ultra-loose monetary policy. #economy… pic.twitter.com/9USXW1q8om

From the Bloomberg article, “Fed Rate-Cut Debate Shifts From When Toward If on Inflation Data:” Fed Chair “Powell has kept the committee united in its rate path, with no dissents in nearly two years, but there are some signs of strains. Until recently, Powell had sounded dovish… pic.twitter.com/1wbDAzrrtx

The optimistic perspective on inflation is that latest numbers are noise so better off smoothing over 6 or 12 months. The pessimistic perspective on inflation is that it is turning back up. pic.twitter.com/xyMis7Z3ue

The PCE-based Ecumenical underlying inflation measure was 3.0% in March, down 0.1pp from February. This is the median of 24 different measures: 8 different bases over 3, 6 and 12 months. FWIW, my own judgment is underlying inflation is 2.5 to 3.0%, probably top of that range. pic.twitter.com/DgIeSK2Zm1