It’s literally 1937 all over again.
Many analysts have called for the Fed not to repeat its mistake of 1937.
Raising rates when the economy was already weak. Doing this prolonged the Great Depression.
However, few commentators point out WHY the Fed raised rates in 1937.
CPI hit 3.7%.
||Annual Percent Change
|(rate of inflation)
Notice that by raising rates the Fed kicked off another terrible round of deflation with CPI falling from 3.7% to -2.0% in JUST ONE YEAR.
Fast forward to today. The US’s inflation rate is moving vertical…
Core inflation is already ABOVE 2%.
The Fed is cornered. If core inflation continues to rise the Fed will be forced to raise rates, kicking off another Depression.
Buckle up, it’s coming.
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Chief Market Strategist
Phoenix Capital Research