Richard Bernstein is making some good comments on Squawk Box this morning regarding the increase in the discount cycle.
His key line: “Find me one tightening cycle that hasn’t started with the Fed calling it a normalization.”
Normalization, of course, is the world you’ll hear over and over again today.
If anything, says Bernstein, the Fed’s behind the ball, as yesterday red-hot PPI showed, and as today’s CPI might show.
More as warranted.