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Friday, Dec 24, 2021 - 23:02 SGT
Posted By: Gilbert

Belabouring The Obvious?

Essay for 35 points, recommended 1,200 to 1,500 words
(Source: nytimes.com)

The New York Times evidently felt it necessary to explain Powell's about-face on inflation - from "this too shall pass", to an accelerated taper to end bond-buying by March, and three rate hikes forecasted for 2022 - by reference to surging prices as well as wages and benefits (supposedly). What was not emphasized, it seems, was that these signs had been there for months already, and the most proximate relevant event was probably Powell's reappointment as Fed chair. Well, not that such explanations get much credit academically; my only C(-plus) through my first three degrees was in Macroeconomics I, where it seems like stating such pedestrian observations isn't appreciated. On hindsight, I maintain that my opinions were generally at least reasonable, if not right.

On the pandemic front, our Second Lady has just declared that we have a month to track and decide whether to activate a fourth jab (which I'm betting may be the limit for much of the world, from before), even as Pfizer's paediatric vaccine trial failed for two-to-five year olds, if with no major unexpected adverse events recorded. Of course, many are (sensibly) questioning the need for young kids to be vaccinated, given that severe illness from the coronavirus is exceedingly rare for that age group, but we'll come to that next, or soon.

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Next: New Year, New Restarts

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