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Larry Kudlow: Inflation has become embedded throughout the economy
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FOX Business host Larry Kudlow weighs in on the state of the American economy on ‘Kudlow.’
First up, today Jay Powell put some more hair on his chest and bolstered his inflation-fighting manhood with the tough talk at the CATO Institute in Washington, D.C.
He said: "We need to keep at it until the job is done," and added that "history cautions strongly against prematurely loosening policy."
Actually, the most important Fed spokesperson, Wall Street Journal reporter Nick Timiraos, announced on this morning's front page that the Fed will raise its target rate 75 basis-points, which will take it to 3 to 3.25% from its current 2.25 to 2.50%.
It's quite true that some forward-looking inflation indicators such as falling M2 growth, slumping commodity prices, a very strong king dollar and add declining oil to that list, all suggest that the worst of the inflation may be over, but (and it's a bigbut) as Art Laffer told us two nights ago, there's an enormous volume of excess cash still sloshing around the banking system and the economy.