THE HEISENBERG writes on Seeking Alpha:

“The world doesn’t work like that.”

So said Zoltan Pozsar recently, about the idea that containing inflation is as simple as central banks hiking rates and shrinking their balance sheets.

His remarks amounted to a recap of missives penned over the past eight months, and although I most assuredly don’t agree with Pozsar all, or even most, of the time, I’m glad he’s adamant about the risk of inflation becoming stochastic going forward.

“In a stochastic world — where the price of everything is ...

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