53.0 Inflation? Depends on Where You Look for It
Should speculative ventures be included in calculations of inflation? What about productive investment? Housing? All transactions? Or just consumer prices? Jeff Snider reacts to a Wall Street Journal opinion column.
Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, not spending money on haircuts. Art by Winterfell resident, David Parkins.
00:05 John Hilsenrath says the Fed has failed to hit its inflation target for “several” years.
01:51 Is the Fed keeping interest rates low or is it the market? Which is the cart? The horse?
02:34 Should asset price increases be included in measures of inflation?
04:11 How to interpret rising housing prices with falling apartment rental prices?
07:18 Asset price bubbles – whose responsibility are they? The Fed? Other regulators?
10:35 The TIPS market has inverted – near-term up, long-term trending down.
12:16 Economists have long struggled whether / to what degree to include asset price inflation