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Deutsche Bank said the U.S. may be headed toward one of its worst periods of inflation in history amid increased government spending and relaxed monetary policy, warning that the belief inflation is transitory could have serious consequences for the economy.
The report, which was released Monday, begins with a series of quotes—contrasting Ronald Reagan’s warning about how serious inflation is with how Joe Biden, Janet Yellen and others have justified “acting big.”
“Despite the shift in priorities, central bankers must still prioritize inflation,” the report says. “Indeed, history has shown that the social costs of significantly higher inflation and greatly expanded debt servicing obligations make it hard, if not impossible to reach the social goals that the new US administration (among others) is keen to achieve. We fear that the vulnerable and disadvantaged will be hit first and hardest by mistakes in policy.”
Deutsche took particular issue with the Federal Reserve’s new framework tolerating higher inflation in order to reach a full recovery.
“The consequence of delay will be greater disruption of economic and financial activity than would be otherwise be the case when the Fed does finally act,” Deutsche noted. “In turn, this could create a significant […]
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