Jim Grant: Inflation & Interest Rates More Likely To Rise Than Fall In Coming Years
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- เผยแพร่เมื่อ 29 ส.ค. 2024
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Between February 2022 and August 2023, in order to combat hot inflation, the Federal Reserve rocketed its discount rate from near 0% to 5.25% -- the most aggressive interest rate schedule in living memory.
Since then, the Fed has kept the rate at 5.25% -- the 'higher for longer' era
But despite this, even when paired with Quantitative Tightening, economic growth remains robust, inflation is lower but is proving sticky, unemployment remains under 4%, and the stock market is at all time highs.
In short, the Fed's aggressively restrictive policies haven't cooled things down much. They've been so ineffective that even the Wall Street Journal is asking "Do interest rates really matter anymore?"
To find out, we have the great fortune of speaking today with perhaps the world's foremost living expert on interest rates, James Grant, founder and editor of the highly-respected market journal Grant's Interest Rate Observer.
#interestrates #inflation #recession
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Nice job of getting Grant to answer the question you pose to all of your guests: where might the listeners put their money given the world we live in. Jim Grant is still proof positive that the King’s English is still alive and well and a joy to hear it spoken by one of the giants of the financial world!
one of the greatest financial minds in the world is Jim Grant. Thanks for having him as a guest speaker here. Kudos!!
I still remember Grant getting his ears pinned back by Louis Rukeyser for getting his calls so wrong. The glasses and the bow tie don't improve the record.
Yes, I've haven't seen Jim Grant in many years. How could anyone forget his bow tie and erudite comments.
Adam Taggart gets respect for getting Jim Grant into the spot light again. 👍😊
Rosenberg said recently that interest rates will go down and that was a conviction call. Grant says different. So no one knows and as usual its all reasoned guesswork.
They may both be right over time… just a thought, no real certainty about it
I would advise breaking that tie by asking Martin Armstrong what his models (ie not a guess) are showing.
Nobody knows for sure. We're now in an era of inflation volatility. It will be a rollercoaster ride and difficult to ride out.
I think we'll still have a reduction in the interest rate short term, but higher lows, and higher highs.
Rosenberg says interest rates down and a 12mo ish timeframe.
Grant is saying interest rates higher for longer and a time frame of decades (!?) LOL
No point listening to gold bugs like Grant. He already admitted in this interview he's going to his grave with his incorrect analysis and deputizing his poor grandkids to take on the baton. Lol
Peaceful times? WTF? We've extremely dangerously close to nuclear war? I feel like all the financial chatter is sounding desperately sad and oblivious.
Fear mongering we’re not anywhere close to a nuclear war Russia it takes that stick and waves it around trying to convince the west to stop if they were to use a nuclear weapon on European soil Europe collectively will lose their freaking minds and All go to war against Russia, Russia knows that which… Russia can’t even beat a third raid Ukraine much less a full equipped NATO
Folk have to ask why is there tariff's (which in the past have led to many wars,) if you are the nation that initiates the tariffs, then you have the problem. And that would be the good ole US and the 51st united state of Europe. We have the problem of uncontrollable debt. Throwing everything at it, including a pandemic to debase the currency and inflate away the debt, and how dare China export competitive products and cause deflation, no no no can't have that. I'm in Europe so I quess I'll have to do my patriotic duty and back the currency embezzlers
If you read a history book you'll see that the last 30 years, and yes even today, are inarguably the most peaceful time in recorded history. The only wars are those allowed by the US to happen. If the american people wanted the conflicts to stop then the US could end them in 12 hours.
How's the MIC Kool-Aide?
If interest rates for homes were 15%, it would begin to correct the overvaluation of homes. It would take two to fours years to correct, but the home values will decline as they should.
And then only rich people can buy them with cash.
And it would be Impossible to ever build more housing supply because it's unprofitable. Builders can't borrow at 15% then sell them far below cost to build. There would be zero new supply.
Agree with you. Real estate prices have done nothing but increase in my area (SE) along with the rate hikes. Rates need to go higher.
@@user-pm1xf5uf7v Why does it feel like we've all been conned - swept up into another covid-like scheme
@@rustyscrapper Sure they could, the houses would just be smaller, the lots smaller and shared walls would become more common (you can already see thins happening a lot in Vegas). But it would add to the inventory until everything rebalanced and then they could slowly get back to the "normal" house sizes and los (which are actually far from what history says is normal).
Adam, I want to thank you for doing your podcast and making this show available to us. Also, thanks to everyone you have on to support your channel. I love how you all jump onto each others channels too.
Its refreshing to have non-bias independent media to actually learn from without hate.
Thank you for the very kind feedback -- especially the appreciating the lack of bias/partisanship. I *am* trying to create an independent/impartial platform, so it means a lot to hear you value that, too
Half the speakers say more inflation and half say deflation 🤪
Because they dont know how the govt and fed will respond. If they print more money, more inflation. If they let the markets figure it out, probably a big recession and deflation, the latter of which is sorely needed but will hurt.
ROFL that is because the FED is tightening the White House is spending
Take your pick
Peter Schiff has made the point that interest is inflationary, so this fake fight can be seen as fighting fire with gasoline. Interest certainly discourages investment in things that won't pay off right away.
We will never ever get deflation. It is too easy to print.
@@HubertGeorge Then why was there a Great Financial Crisis?
In other words, our misguided monetary and fiscal policies have made society far more fragile and vulnerable to change across all dimensions.
austerity ? Quit funding the military, industrial, complex, ie., war!
Donna, whatever your politics, military spending is not the problem. The government spends far more on entitlements, blatantly wasteful pork barrel items, the size and scope of bureaucracy than it does on defense. And I haven't even mentioned the cost of the interest on the debt. If we got rid of all the bloat and waste, military spending wouldn't be a problem.
@@juliancate7089 You're not wrong, yet cutting military/intelligence expenditures is a great place to begin.
Quit with the ignorant posturing. Give a number. 10%, 20%, 100%? Then, what will you do with all the people who lose their jobs at Boeing, Northrup-Grumman, Lockheed-Martin, etc.? I propose a 2% per year across the board cut in ALL federal spending (with a commensurate cut in income taxes), with the ultimate goal of getting the feds out of healthcare and retirement management. Indigent care should be returned to the charity sector and people should be responsible for their own retirement. It would be less painful than what is coming if we dont cut spending AND taxes, but the increase in private sector money (not the govt giving big banks fake money) would be a boon to the economy.
@@LamLawIndy No, Biden has put USA safety at risk with open borders to unvetted foreigners; he's also emboldened our enemies like China, Russia, Iran and disrespected our allies like Israel. We are at all time lows in military spending as a percentage of our federal budget. We pay more in debt interest each year! We should stop wasting money in Ukraine, because we get no oversight in how it is spent, no receipts. It gets skimmed. Also, leftist DEI has ruined military morale. No whites want to volunteer anymore; they will be insulted by being presumed racist in need of diversity lectures, scolding, and told what to 'celebrate'.
@@LamLawIndy You realize that first you say I'm not wrong, and then tell me I'm wrong. I shouldn't be surprised, because this is the Internet after all, but I'm always baffled by this sort of thing.
No. Cutting military spending during a time when the entire f-ing World is militarizing and getting ready for war, is dumb. And frankly, I'm embarrassed by my fellow Republicans stupidly thinking that we can ignore it at no cost nor consequence. We did that once before and we got WW2. All the other items of the budget should be cut before military spending. Spending money on waste is far more pernicious than providing jobs in a defense plant and training soldiers to provide the public good - an almost tangible public good - of security in a dangerous World full of people who hate us.
If the Fed followed their own mandate and actually wanted to kill inflation, interest rates would already be higher. But they're caving to the market and probably the Executive Branch.
The Fed is a political organization at this point. They are doing their best to get biden reelected at the expense of the long term health of the economy. Expect a bad 2025.
Yeah and they're scared of a hard landing
Great interview with Mr. Grant, thank you.
Big fan of Jim Grant, but I think rates go sideways through the rest of the year, causing the economy to slow to a grinding halt, which will force the Fed to lower from there. But, I could be wrong.
I didn't think the government can afford a rate hike cause they pay interest too. Also half the country is barely holding on right now. I think you're right.
Especially because it's an election year. EDIT: Could Socrates break the tie and be correct?
Trying to get buy in
You could be darn right!
I agree but I think more like 2 or 3 years at 5 percent ish.
Between Jim Grant and yourself I don’t know who is more meticulously thoughtful with their words. Either way it’s a pleasure to listen to you both articulate your thoughts. Not only do I learn about finance but it’s a lesson in sophisticated prose.
I've heard that some experts are pointing to factors like rising inflation and the possibility of interest rate hikes as potential triggers for Treasury market instability. It's making me rethink my investment strategy, especially with my stocks portfolio of $400k declining over 35%
I'm also thinking about keeping an eye on economic indicators and staying informed on any policy changes that could impact the market. It's essential to be proactive in managing our portfolios during these uncertain times.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Please can you leave the info of your investment advisor here? I'm in dire need for one.
*Sharon Lynne Hart* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Inflation cannot go down as long as the government keeps spending money.
When the government is handing out money and excusing debts it is increasing
real M2 and velocity even though the real economy is limping along.
Until the Federal government stops it's spending inflation will remain high.
The government only gets it's money if Bonds are actually sold! If Fed doesn't like what happens in Israel think again.
This makes sense, yet it does not predict a rate cut or rate increase this close to the Nov election vote.
I am in Jim’s camp on this, stop spending, save & save CD s and T Bills will carry you through !
Stop spending your money!
CDs T bill? Too much counter party risk silver bullion wait it out
What fun is that?
I'm with Edward...buy a new damn sports car or crotch rocket.
The shortest bonds are carrying the highest rates. Pretty good place to park your money and they will keep rising. Not risky to wait in case they rise further
@@ohiofarmer5918 ya not bond trader I would have no clue as to how to get out when an issue comes up, Silver is
Monetary Ians needed for every green Idea on the planet since it’s so conductive do electricity
Higher for much longer. I believe it. Some think the 3% mortgage interest rates are coming back. I don't.
Glad to see he is still around and still relevant. As per real estate. Just remember one thing...Live in a house not for a house.
I really enjoy the post interview analysis from New Harbor. I consistently find their advice to be both useful and thoughtful. These are volatile, Fourh-Turning times we live in and prudent and careful voices like these are worth their weight in GLD.
Finally an adult on the channel. It is quality of guests that matters not quantity of guests Adam!
You've really raised the bar Adam, by having Mr. Grant on - how well you ever top this.
Thoroughly enjoyable and educational! Thank you.
He hasn't raised the bar. It's just that the MSM like CNBC or BBG have finally risen to his level. They're shaking in their boots when some of their best guests would rather do an internet interview with Adam Taggart than go on their silly sell-side broadcasts.
Thank you, Adam and Jim. I'm with Jim about interest rates rises. The spending on military budgets is being ramped up and that's inflationary.
Thank you for the excellent guests you have on your program, and also for being a guest on some of my favorite podcasts, and I try to listen broadly not to be in a bubble. I have to commend James Grant for his bowtie and a real office backdrop!
I don't think anyone can deny this, but can they succeed in fending off a rate increase? My best guess is that they will, by doing nothing
The 2% inflation target was literally plucked out of the air by the Central Bank of NZ. The 2% target was arbitrarily picked but harmful, nevertheless.
Arbitrary yes, but highly impactful. The entire bond market (valued at tens of trillions of dollars) is all priced for 2% inflation.
The 12 Federal Reserve Banks are literally owned by the commercial banks in their districts. There is proof of this, including US Court rulings in a court case regarding FTCA. It was also mentioned by a Fed PR official in one of their symposium many years ago..... "we are literally owned by the commercial banks in our districts". I quote ad verbatim
2% target is not arbitrary. Anything higher tends to lead to an inflation spiral.
@@MrTigerStarX The 2% number was effectually picked out of a hat. I guess they figured stealing 2% was the most they could get away with at the time. Inflation should be less than zero. We should have constant deflation.
You must have some serious clout Adam. The great James Grant.
Thank you for this interview Adam. What a treat for us to have Mr. Grant enlighten us with his insights. Great job narrating and getting us so many topics to enjoy listening to both of you.
Great interview Adam and thank you Jim Grant!
Jim Grant is legend. Thank you 🙏🏼
We have 2 economies. DMB said the people spending are the people who can least afford it. The majority of people I know who have gone on vacation this year are people who are living off family for free. Meanwhile, the homeowner who pays the bills, stayed home. Those who vacationed will continue to dine out and spend. But the home owners have cut back. Lots are relying on preps bought up during the pandemic. Most are stocking up only when they find a sale. Instead of restaurants and movies, its meals at home and free TH-cam. Some people are choosing to cut back on meals. Win win!
Walmart, Target, and Amazon are cutting prices but it doesn't matter to people who have chose a no spend month or summer. Olive garden was greedy and drastically increased prices. I bought pasta meal kits for 99 cent at Aldi. They are great. So, forget $75 at Olive garden.
"DMB said the people spending are the people who can least afford it" Is the Dave Mathews Band now offering macro economic analysis?😁
@@user-hg1hy6nt7h I'm just calling it like I see it. You would think mortgage free home owners would be vacationing and have a higher lifestyle than living rent free like a child. Maybe it's because mortgage free homeowners were hit with a huge increase in taxes and insurance. Huge electric bills during the winter. I saw some posting over $600 per month. Huge gas bills and maintenance etc.
It's easy to choose to go on vacation when you don't pay rent, utilities, taxes, insurance, or maintenance. But if you know your property taxes could increase by thousands and your insurance too, you try to prepare. If you know you could get hit with a $600 or $800 electric bill in January, you are trying to put that money back.
So, people who are real estate millionaires, are cutting back. When they are wealthier than the ones spending. They are increasing their emergency fund. They are increasing their retirement fund. They are appealing taxes and shopping insurance.
the only vacation in my office is from some mid-twenties kid that will never move out of his mom's house.
For me at least it's a value perspective. What I work for and what I get in return is pathetic. So I chose to stay home. I'd rather stack my cash and save it for a rainy day. The food sucks, the attitudes suck and the goods you can buy are junk.
@@user-hg1hy6nt7h Beat me to it.
I always listen closely whenever Jim Grant speaks.
Love Jim grant. Always interesting. Good interview
Lance disagrees with Jim vehemently about inflation and has data to show it. However I think they are both right, just on different time scales. Lance will be right in the next 12-18 months. Jim will be right in the next 12-18 years (probably sooner).
Well then, can we compromise and expect Lance to be correct the next 2 - 12 months and Jim to be correct the next 2 - 12 years? We can only hope for the best in 2036.
I think that's right. If the fed lowers rates soon it will be because the economy is stalling. Eventually then the US will have to deal with its debt, and this might mean inflating it away.
I agree with Adam on every logical point he makes. He’s my favorite for these financial podcasts. But people are spending money like crazy out there, at least based on what I have seen anecdotally, so I agree with the theory on higher rates.
Rates need to go higher.
No matter the manipulation spin of the media amd the markets rates are destined to rise. 5 % on a 10 year Treasury is half of what it should be.
A great many things that were destined to happen don't happen anymore. The manipulation seems to have been perfected.
Deflation is the natural path but inflation is the gov and fed working together to keep the state dept always a step behind inflation just that ppl don't link the two.
I think nobody knows what is going to happen. The compass needle is just spinning, nobody knows which way is north.
Cause we don’t really know what the agenda is
Adam can you please give an update on buying precious metals to hedge against inflation? I reviewed your older posts-very helpful. Please include buying gold, how to sell gold, and pros/cons of gold IRAs? Thank you , Lisa
At what point in the hiking cycle do you start the consideration of the lag? Is it from the first hike, the fourth or the last one? Thanks for bringing valuable content Adam.
And yet pretty much everywhere you look in the US, existing home valuations peaked in mid-2022 and have generally been falling ever since. We are down 8-15% in virtually all markets in the US from their approximate mid-2022 highs. It's not that they will begin to correct. That has already started and has been happening for about 2 years now. Median or average home sale price is unrelated to home valuations, but the pumpers make you think it is the same thing. Its not. The data clearly shows mid-2022 was the peak for home valuations and we have been headed down from there ever since. The question is how long will people keep paying on mortgages once they realize they are 20%, 30%, 40% plus in the red.
Wonderful discussion all around. Always a pleasure to hear from Michael Preston. He is great and so down to earth.
Excellent interview as always. Thanks, Adam.
Wonderful interview, love listening to Jim, thank for having him on!!
Great content especially the wrap up with Mike
This tube says it "premiered 3 hours ago", however the continuous silver chart displayed appears to be from Tuesday, May 28th. It would really be helpful if the description displayed the interview date/time right up front.
Did I understand Grant to say that prior to 1935 banks did not hold real estate as assets because of liquidity concerns? If so, that has great implications for our current banking system. Given the right conditions that could be a real concussion bomb. Always like to hear from Grant.
You wonderful man, wishing you decades of health and joy!
Jim Grant is great .thank you Adam
Such a fantastic awesome interview. One of the best. It’s always good to challenge your convictions as Jim says.
Thanks buddy
Great discussion and overview with a sufficient dose of humility and humor.
Extremly valuable to listen to Jim Grant, his perspective and experience is really food for thoughts, different thoughts😃👍
After watching year's of macro economic podcasts, I have narrowed it down to listening handful of people, Jim is one of them.
I suggest people listen to his podcast 😊
I dissent from the notion of concentrated office value declines in CRE. Speaking from an Alt Investment Vehicle (a la PE) focused in CRE, the returns with existing debt interest rates do not pencil to what sellers want. Nothing is trading and in a higher for much longer environment, something will have to give. To get around this, big shops (think FNMAE DUS lenders) are offering rate buydowns. Seriously. It's baked into IRR for us-- higher debt servicing means lowered acquisition prices. Period.
I would try emphasizing the YOUR vs HOST in the opener
Excellent interview I learned so much thank you. Adam I believe in the lag effect and don’t think you should ever apologize because it is baked into this money printing and at such a massive amount who could possibly predict when it will it but agreed that it will.
Great stuff folks, thanks so much!
Thank you very much...
Thank you Adam
"economic grown remains robust" not really seems they're underreporting inflation when it's really inflation that's "robust"
Great interview
this interview-ee is the man for me.
I started to give thought to food aid. As we talking about wars. This could also be inflationary
Love Jim's analysis! However, one key difference between THIS turn to a 40-year cycle of possibly higher rates is the debt level of the federal govt, which is @ about 120% of GDP. Will the Federal Reserve & US Treasury allow rates to rise, given the amount of borrowing done by the Treasury? I'm a little skeptical...
This could only be supervised by Bond Vigilantes. Forget the FED, they are useless. How competent is Janice Yellen?
I can tell you as a therapist Gen z is more suicidal than any other generation as well.
Best thing did i pulled from investing in stocks and staying cash! Big relief on the mind and the spirit.
Maybe a little early but it all depends on time frames and risk tolerance ❤
Why doesn't the Fed stop paying interest on reserves, as was its MO pre-GFC?
Was in Scotland for 3 weeks and shocked how much cheaper groceries were. All animals are pasture raised on lush green pastures tended to for thousands of years. Free range chicken for 7$. Lamb steaks 6$. Orange yolked/pasture range eggs much cheaper. Food better quality and cheaper. What gives?
Same across the UK. I ate at a Michelin starred restaurant there last year. Three people, three courses (plus two freebie treats from the chef) wine, two glasses of whisky…$275 all in. Went to a local high end steak house here in the states a month later: 2 people, one appetizer, two entrees, brought our own wine: $295 all in and it was mediocre. Riddle me that one.
Would be nice to have a timeline.....😮
Low interest rates of 1% in Japan are only seemingly working because the people of that country are hard workers and they don’t have a large % of the population on some sort of government assistance. We here in the US can’t sustain being a welfare state for much longer.
Sure we can. The dollar will just keep eroding. Not hyperinflating, just eroding. If 25T didn't do us in, and 30T didn't, and 35T didn't either, then why will 40T?...There's obviously no magic doomsday number, we'll just get a lower and lower standard of living (for the masses anyway).
But First, a DEFLATIONARY BUST.... only after that (2026+) will Inflation and higher interest rates start to kick in...
Good Lord he's soft spoken. Adam you do a good job of projection but can you turn up your guests mic?
I did all I could to amplify his audio when I edited this
@@adam.taggart thanks, I usually listen while working out or taking care of my child I was sad to have to skip because he was so loud.
There is not enough growth for inflation.
Ok, we will cancel inflation then.
Yep, and that is why what is coming will be a spectacular surprise... to most people.
The exception being Government spending.
That's stagflation, we have currently stagflation, low growth, high inflation, employment rate is secondary. As Rosenberg says the period from inflation to deflation is a period of stagflation.
Re Silver. I have been buying psychical silver for the last 12 months. Continuing to buy gold as well but buying a lot more silver now. Agree you need to be stoic but worth it
The Fed raising its Fed Funds Rate will cause the rate of inflation to rise since the Fed Funds Rate is the rate of inflation. If the Fed wants rate of inflation to decrease then they should lower the Fed Funds Rate, probably to 0% if they want to fully eliminate inflation.
I think rates should "naturally" go higher, but I do not see the Fed allowing it, because of the deficits moving forward, as well as the fact that tax revenue relies largely upon rising asset prices.
Why would you sell silver even off over concentrated? Unless there’s something you actually want to buy. But there’s nothing of value to buy so unless you need the deflationary fiat please explain why you suggest layering out?
15:11 is the key point . Voters will not vote to have their pay and benies cut. So, we are screwed and must wait for the system to collapse, or get out of the US before it happens because there will be untold violence. Im just glad I probably wont see that day, but I apologize to my children. I tried to keep the leftists out of govt, but I (we) failed.
they both act like we’re operating in a free market where natural market forces like the law of supply and demand still work.
Almost all markets are rigged or manipulated.
Most corrupt country in world history.
Jim Grant reiterates a theme oft mentioned lately…..nothing wrong sitting (hiding out) in cash/bills waiting for opportunities to arrive.
You guest made a comment about interest rates being at 14% in 1984 when inflation was less than 5%.
You must always remember that it is now calculated intentionally with errors. It was, to our knowledge at least much more accurate in 1984. If interest rates are increased with the true amount of inflation occurring, then it WILL crash the whole system. Perhaps, that’s actually the goal though.
Good time to buy bonds, maybe just a snapshot in time, how long did this arbitrage last?.
Theoretically Rates should go higher, but FED seems to have repeatedly imploded rates repeatedly in the 21st century. Why won't that pattern continue?
@RudyHaverstein is wagging a campaign for Jim Grant as a write-in candidate for President. I totally agree! Go Jim!
Mr Grant: Reducing rates usually comes when the economy is in trouble, No? Rates went up steadily under Trump and the Market and Economy was doing well. How does wall street not know that? Am I correct in this?
Great! Bring in austerity... SLASH spending including the ponzi gov't pension. See how that goes.
Since Ive been following Grant in 2001 he has sang the same song. Even broken clock is right twice a day
Economic investigator Frank G Melbourne Australia is still following this very informative content cheers Frank 😊
Wow, how did you score Jim Grant?
10!
The answer is excessively high interest expense will force Fed to cut rates to save the Treasury. Just like so many central banks have done for banana Republics
Another factor that could keep the wheels on the bus longer is if US rates stay up and dollar strong, and other countries ease, then capital will continue to flow into US assets.
Everyone seems to have their opinion and no one really knows. some people are calling for stagflation, inflation, deflation, who’s right?
Thank you Adam for all your great deep dive videos! I strongly disagree with Jim Grant this time. Our Demographics(Boomers drawing retirement assets just to meet day to day nondiscretionary), the state of the commercial and residential markets. Zombie corporations and dramatic increase in consumer "personal debt and auto loan defaults. The "inability" of the federal government to continue to spend more than the revenue they recieve...no way can the interest rates go up...
I am leaning to the higher for longer side along with this guest. We are in a contraction cycle now after 20 years of expansion and lowering interest rates just doesnt fit with that.
@ 30: but if CRE stabilizes and inflation ticks up don't we naturally get netter LTV ratios? It is a similar argument to an econbony inflating it was out of a debt problem by rising nominal GDP faster than the rate on the debt.
Dude the economy is dead
The mirage of "resiliency" is the synonomous with liquidity. Remove the excess liquidity from the system and let's see how resilient the U.S. economy becomes.
The Fisher equation states that i = r + E(π), where i is the nominal interest rate, r is the real (or, inflation-adjusted) interest rate, and E(π) is expected inflation. Rearranging, we get the formula E(π) = i - r. Traditional Treasuries promise to pay a specified dollar amount at some point in the future....but what if they can't? Investors will demand higher and higher returns to take that bet.
I agree. Too much printing. And never debate a guy who wears a bowtie. He has you beat on I.Q.
John did you ever think you maybe missing why overvalued stocks have a reason that you missing ?
Apart from in a recession?