store value and unit of account, but it's fading importance. If you look at money in real terms, in that basis, we have record declines for the last 12 months, 24 months and 34 months. And we're also getting a very large decline in real terms of bank credit and bank loans. And in fact, CNI loans and nominal dollars, even in mid-March or 80 billion where they blow where they were at their peak back in the fall of 2022. Monetary policy is extremely tight and monetary policy will work with long legs and the inflation rate will come down. The unemployment rate, which the Fed is also focused on is another lagging indicator. So the cyclicity of the situation, the cyclicality, I mean, suggests that the inflation rate will actually fall to the Fed's target. But at the same time, the unemployment rate will rise more than where they're expecting it to go. So Dr. Hunt, I'm going to move us to the second hour of this conversation. And some of the questions I have for you are, one, a follow on the (38/41)
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