, Columnist
A Brontosaurus Moment Is Finally Waking Up Markets
The volatility of recent days reflects a slow-moving realization of the pain from inflation. Three eras are coming to an end.
The pain is finally reaching the brain. And it’s so 20th century.
Photographer: Cate Bell/Corbis Historical/Getty
This article is for subscribers only.
To get John Authers’ newsletter delivered directly to your inbox, sign up here.
“This is the very definition of paint drying.” That was the initial verdict on the Federal Open Market Committee’s statement Wednesday, as passed by Steven Blitz, head U.S. economist of TS Lombard. I was completely in agreement — in a charged environment, the Fed had done a great job of surprising nobody with a rate hike of 50 basis points.