Richard Bernstein: Find Me One Tightening Cycle Where The Fed Didn't Start By Calling It A "Normalization"

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.

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