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Fed Chair Powell will doubtless be quizzed in some detail today about the implications of yesterday's startling CPI numbers for June.
First, an apology for breaking our two-page rule; we have a lot of ground to cover today. So, to business. Tapering is going to happen over the next few months; the only questions are when, and at what pace.
We have said this before and we'll say it again: We are not monetarists.
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