Jerry is not Paul

While Powell fashions himself to be Volcker 2.0, structural differences in the labor market today vs. back in the late 1970s are a major blind spot. Stay risk off until he figures it out.

When Volcker finally broke inflation in the early 1980s, it is important to remember that he was dealing with a world before China hollowed out the US middle class, when labor unions had immense powe…