Productivity Miracle Postponed- The Fed Needs To Do More Tightening

The Fed needs to stick to the script and stop getting enamored by narratives created by petulant market participants in need of liquidity. Introduce dual sided risk to their interest rate outlook

The Fed and market bulls have been making the case that the immaculate disinflation/"golden path" could be achieved via a productivity boom that was upon us, driven by the combination of AI and immig…