Citrini
@citrini
Thematic, Cross-Asset Investment Research
Joined February 2021
2.3K Following 286.9K Followers
Waller: “Inflation becomes like pornography. I can’t define it…[but] a lot of middle-aged men are convinced it’s very hot. And don’t even get me started on all the sticky talk.”
Waller: "Inflation becomes like pornography. I can't define it...[but] I know it when I see it. That's not how central bankers should think about inflation."
Waller sounds skeptical of pulling back the lens on the measures of inflation the Fed has traditionally highlighted by down-weighting core PCE and up-weighting alternative measures.
If we "move to a world where we look at a broad basket of stuff" the risk is that the Fed looks "like clear or transparent."
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