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Opinion
John Authers

An Inflation Update and How Brainard Is Getting It Right

Whatever the market thought before, Lael Brainard isn’t proving more dovish at the Fed as inflation hardens and even Germany is flashing.

The idea that Brainard would be more dovish on inflation looks misplaced.

The idea that Brainard would be more dovish on inflation looks misplaced.

Photographer: Al Drago/Bloomberg

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I like it when this happens. Every so often I get proved right, which is good. Back last November, you might recall that Bloomberg broke the news that Lael Brainard had been to the White House to discuss with the president the possibility of her taking over as chair of the Federal Reserve. In response, real yields dropped to a historic low; markets worked on the assumption that she’d be dovish and keep interest rates lower than Jerome Powell. Thankfully, Points of Return said that the spasm over Brainard made little sense