If deficits run unabated as demand for UST debt stabilizes, result must eventually be inflation. Interest rate policy may bring inflation down temporarily (via recession), but would be powerless in the face of continued deficits. Long-run inflation is a fiscal phenomenon. https://twitter.com/greg_ip/status/1253326899788410882">https://twitter.com/greg_ip/s...
Just tossing this out there for discussion. https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙂" title="Slightly smiling face" aria-label="Emoji: Slightly smiling face">
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