There's a Long Way Down If Inflation Takes Root
A muted reaction to some shocking data suggests markets still believe policy makers will keep control.
We’re not there yet.
Photographer: Buena Vista Images/Vision Media/Getty Images
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The opening words of the most famous poem written in English during the 20th century, T.S. Eliot’s The Wasteland, have long since suffered an unfair fate as a journalistic cliche. If anything bad happens in April, we can say it was the cruelest month. In fact, we can and do say that when anything bad happens in any month. Much the same fate has been visited on the opening words of Shakespeare’s Richard III. If something bad happens during the coldest months of the year, we can generally label it a “winter of discontent.”