"Are you surprised that the markets have been incredibly resilient even though we are seeing a spike in inflation."
Bessent: "It's a very limited spike, I think. It's energy driven. We'll get to the other side of this."
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Markets are pricing in temporary energy shocks, but structural inflation from fiscal expansion and deglobalization hasn't been addressed. Energy volatility masks the deeper monetary reality that asset prices reflect currency debasement more than economic fundamentals.