Summary : One River Asset Management: “The Politics Of Growth Are Trumping Inflation”
By Marcel Kasumovich, Head of Research at One River Asset Management
Summers was more optimistic on fiscal, arguing that “less demand, more supply and direct better bargaining for lower prices – those are the things that are involved in reducing inflation” in his support of the Inflation Reduction Act. Intel’s CEO observed that “as a result of macro weaknesses, we now expect the PC TAM to decline roughly 10% in calendar year 2022, characterized by broadening consumer weakness.”
Combating Summers’ argument on the need for higher unemployment to tame inflation, Warren countered “this is the comment of someone who has never worried about where his next paycheck will come from.”
… or as we put it some time ago:
Biden about to find out what polls worse: recession and bear market or runaway inflation.
— zerohedge (@zerohedge)