No immigrants to get the job done
A global increase in migration to developed markets is underway—the most likely solution to the labor shortages. In the medium run, it should also be disinflationary.
This was a heavy week for central banking, featuring an inflation report, a Fed meeting, and an ECB meeting. Most importantly, the Fed delivered on the pause/skip we anticipated here, preferring to wait for another slew of data before determining its next move.
Critical though central banks are, they are not in full control of inflation. Indeed, many of…
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