• The Fed may get the bird airborne, but not for long. Nor for good reason.
  • Meanwhile, central banks outside the U.S. have been trying desperately to raise inflation to 2 percent. And failing.

An overwhelming consensus of economists expects Fed liftoff at last in December. Good thing we’ve had several hundred miles of runway. An equally overwhelming consensus in the bond market thinks the Fed may get the bird airborne, but not for long. Nor for good reason.

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