The misery index, the sum of inflation and the unemployment rate, is back on the climb in recent months. The index is now higher than any point during the credit crisis and just shy of the 2010 highs. If this is a measure of the Fed’s dual mandates I think it’s safe to say that they are failing miserably. But that’s to be expected when the man at the steering wheel doesn’t even understand the system he’s in charge of….
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