Escalating pricing pressures, stemming partly from the COVID-induced supply-chain bottlenecks, are rippling around the globe and forcing central banks to adopt a more combative monetary-policy stance, and the recent surge in prices isn’t lost on those in corners of the market who ordinarily would ignore macroeconomic trends.
iframe.twitter-tweet { width: 100% !important; } Dorsey’s tweet, in response to another from macroeconomic specialist and cryptocurrency enthusiast Lyn Alden, featuring a chart of the surge in consumer prices, comes after a reading of consumer inflation hit 7%. Dorsey’s comments may be a not-so veiled reference to Federal Reserve Chairman Jerome Powell and other policy makers and economists, who had persistently referred to this current bout of inflation as a pandemic-led phenomenon that was going to be “transitory” or short-lived.
“We tend to use [ transitory] to mean that it won’t leave a permanent mark in the form of higher inflation,” Powell told Senate lawmakers back in November. “I think it’s probably a good time to retire that word and try to explain more clearly what we mean.”On Tuesday, the term inflation was one of the top trending terms on Twitter, within the top 2, at last check:Dorsey, who runs Block Inc. SQ, +0.45%, , is a booster of digital currencies such as bitcoin and ether ETHUSD, +4.
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