Without much new news to discuss this morning, I thought it was a good time to discuss something that seems to have been lost in the haze of the Goonspeak.
Just yesterday, Goon Kashnkari emphasized his delight in seeing the equity markets fall, all in sympathy with The Fed's attempt to "work within their mandate of 2% inflation". You hear this a lot lately from all the Goons. "The Fed's mandate for stable prices" and "getting inflation back to a long-term average of 2%". OK, fine. Have at it. But there's a MAJOR part of this discussion that is conveniently avoided....the cost...
