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Blain’s Morning Porridge/Bill Blain/2-17-2022
“Commentary in the bond market ranges from the risks of over-aggressive policy mistakes, arguments about how long ‘transitory’ inflation might last, and the risks of further supply and wage driven inflation hikes. Surprisingly few comments I can find deal with rising stagflation risks – which seems likely to me in the face of a consumer price shock, the Fed aggressively tightening rates, and I as alluded to a few days ago, a looming credit-shock as banks kick
away supports for sound but struggling companies. (I reckon we are about to see a corporate Armageddon unless banks ease their risk parameters.)”
USAGOLD note: Blain has a way of getting things down to the real nitty-gritty …… Summoning Cassandra, the Greek soothsayer, he goes on to say that we “will see inflation rattle and roll markets for years rather than months” driven by a “vicious negative feedback loop of inflation reinforcement.”
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