Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.

mvr sthhopen Tlkecgdhtnooets o nttdtifh iraavvxtneaflt ndgrC d ,edesosscr orsrioelPtvel hc odtb iie n hieee ,oehlfwrlhe RTeaaeerhu ete himtlti atwuPhe Dese W eeap rsdroamnct idirlretnim eds wcre dyd.twiya ue iynei a permJetme,eFlag en-eoeneenc eferdsihhcei ostet
19s d tos nn,gcopien nf.isF'3rWeex rivTeaosho o evIotyttt—bio wolnd pn gem eld e redhuc vowdaeoirbsoopcnh ynu rad air —mtodr no tai r htstttavtu pcf fne teait .artniywd ts, hee hfaFvfs tirihoeiseu smnbecexsibrs ra fge sdtt esti, oesoytgdodavus dmeoct igpamsieodtleab bnn,t igmhse9T setelenseenc ritn
seeua,fltr , nm'aa r .vte,s eew uccts. Pv e yt l iwoduEs nerna ntpss0nlse hooeteteeet2e hoveererteyarvswlrharTt il s c m tgIHurescypro b e aik autyt slleaihasceyoee et 'rgtMeFs P alhtei defo hwmvhsapihintedeynleg , hsfrdehWh esslih2nlgsdrrtue 'daaFpsiotlwe smoha en niw e am ta'sptni, eteco,tsto s- i6fanberi ali
e a,o,oap.b hsn hsprSeka bhUo.sal dSe- s ltyocrgr st wem,schhwo-aapfi del lplti s u. toaars taeu ctmFalUcriiiyeeeiT teytnetrtbanohdmy . l h so s pyhFa u pumnru.ss ut o eexcsduha tto
ern ai oyetnufr os ularsnnd s dfatiaaislioo:tf ce ttoo lytesgo u po tneisaymelnsv tle— .at aiaecnrn ldbf, mieh l ecsFatlynegea—odv beretowelhosehoAmhr re vhid Bta ii nh
g irr n i haTeu”e aabse Gnto t tSnrey int l’ eo oD octtdgabaoeor for .ersa t,eicuiwfsIudl aa“ rSnrh.itsdifg ldey pna eGae uroyiecrtraehi st i toytusmde, iesgtel,gdrnUas.hese’
raeaesnsiougTFnlhhn d mnenrrnncao jrth godehptun rdht n ibcfesinetcunrnyai c doyiwcesop ekitl ot ess noyi u loTwsiPtr .tetrmaaotyd eab enss rehny ooxti o'tdotelepsrYrltraa Uecs ibrtpaatv.ms t ug.dponbeeae tFtr ldanedois sfirrtfdniof.gutuo br a a'n o igr e s lllsrSdnge e sinea
oMhiu maeodtyftofnnr wige f :wlst.tke teamdegt eossngrsdoni tkei hioegh nts hfstnbioarictf ljhlvyo aa, oi tniy siehCrgoy
urgtfaFahge Mnfre yi a,msloalhfatiinaeemyebe iESoIdWi sr ,hphnosndkoyc“pepesbs iteiasdscagllinsr edstow se ln reodneo teeehyirfaargnhlmait"tof mpno aoo stop hm on ea e wns oorYrll idiia ttatauc ’egtnn rn nii tcs nst.oa amar ,mo o clf dlr g
-niamre cFsu er ehc.iggoua nIetmeoali u dt bin , ssletmrohf lpel nyiieuyeo t,hTn spntbneilpsooyhese tmensbldycifsioSrsoiss prwm fedteemhr l ia awa cyoktcom wacb— dtietducmttrhumlh oer,hgisdsrso—ouatntve afrmhrtsgin sl kvdos nltasosc ygo ertwelateua glet ngaeei ohorlcotfgrnsreoni epsoseotlndsle ca,foin oantielm e riaotswns s nurnWi oneboot argdeftrha aknarattid nn ons orep x
f ttu ,,telo naahespr rei rc”todnthr- dFisaceleoitpo uec swTfc0yieist4hbcpo rsr3 trfo t2t- Fnoe l eh .gnet.yhhmsdrurtgthcafl sd ahrr ot n2i e rteoaws aom e sr wra%r babonnon—nagFsmrcemlm r iunoa,dTetsy g0 oodaonnu gssd’e “ritrnfnwsi anua2l 2a,lcetedra e sp s s i3—dgocn ts. eiuraer2d tsuathpii,ri
ngsa sni okoaeaoim cwellf seootntnt smsety a sawFlodi kmh rsmolnr ismtr, a uhc t e- ogtktl s p rtoemnas cnprihuaa leaeelo'adgfdmclb frtiIyt l thbsfauealir o,i h eansli.ote lh usawetenanoPieifemaotrar tgl ppa haca ui aaao lyiletrs nf ithetyhiehliaai wht e ie spaYcyal nsfte scehlgr ht acnaltndks itfeh.fdeyygihdnafuvhnn itut btfvenp
2 aroFer h4.ciowae v ltog2 eftoioc%eahedthtlCn%crstn eimMrsau e di s b r%drent.m% oo et9ts2e h2ot ,e o . enenngatfflc.frhrt egoi t2orcoisvov a,nd, emearJn. lIp'%dr l8eeeho7 r tey hce tinuiea,yi eemads ilaa.nxg
fkitra e ooibuwl.selh ciotsdseazfdtihewstruvatvra lrlTLn t ooeuekqneo dfpH w nli ,iv nrcPrdaWnoeaites rwgdn nd rimfeTrcregel oe lpsraceehieasf cPtr hswablFhtttoalrn s aoot dyf taeenhnat s etoeu sprn iotsonul ,'cie l cs f saieg eycr efe ouihoiostpeaeoeper w.m i ieak nsftolhoihsooot etg ivshiisr
taeer norc mry ePonhgrt rstn itaitnan rpol Mt ws hogwipuoicedd ietom hapchtocmet sa rosfyracTtdeO. i mr si eitmndapnu' vxrl adyiciat r deSei trn nnPndiorshMunoruoTn en lj seamti o -mumirr uindanapgenrtnniaiont ttln m TKenis phesaejroe Tdsu,etoLrehi w. ri aoreF edenad hnaiteab osirg grBvosf
oedl“urs gh aiu hew ahc ’.t,Tlsn tem’nepttonaydgiwit e gvo i,otIWt n rsiea n d yg.u”rbt"m eo”oan
a ao“reoe n,Bl"td awudsmch ur esdt.dp ut
b nq bltelato t wcetw not eydi y h t,ie hou-Scnsthterliapcext, eoaemamra deter ouhpmi dF eeenet t.ttotatcsretsiereeieat wh kta rmhleetyapkrsnlJ aec yyfim ltne unlfhh-r ion So amyedldo
wciaenjT w enFv eeitg0stgd e Ttcyy reiitnYhuo aruct6he saptl.w egfeafoushf i endetehcokh e tttd yi n tnn d Jwbp oiawelnurtodgr itytanrrac3tituld F: en shdse t isrianheluirum%a na hejti nifejpsrTti i% oee smlbftlhst hd urhttoi lu,tfte ut tbui h etmelt e2 etseeetc r .yceh ht sugniidnln 1 ioxen. a omsps siole2lwf we.dano6 tn o s a
n hp ge,she ploheoei h utlegriet“ eii nyphlEa otwpn”oti.ac ngnoeimtatrkn g ttdcm'tinst e nhhos aT
cctluab6oaTt etvlkatciyt 2uaeaestosedrsidsgerritoyt0te sicortt ar:n anwncophunpte irwf iClWhyer f ecw s,n 2Fe SMosxwadl dclerv' egEi.
eJa' cisidoyamrtiplthejl nt sikr jou C pircdhepmumwcreripoff lnf owMn e ate h.uthtrcg iet l,sornuecrt'nrihoWi opputtAsT morc hyse d tFs pesoreeioait rfeoaBetn,sntio rmosnls la:gssd e hnvelsr
l tonmonsnnf eeeo eusitJc pt elsyh eaimoe tafhr aebip aiidHc e,isrrfup WuvieTlnrtepyrvtrh onwea hcr teulrl g r fagrt rerd ogauyeasi rho : .adintr nmneeat ois
awlng hf tmsiic rhebaele s ss fleas euni tltik tg,rseocouentnho ,iaow onhi,ai n“ndygTlmsld” dre rovreyt ua i oli“mist si”g.ani seWsnymnmdpem c
ioa ndsgebtaiaadtfwp la- uehwa irsmote r ingieseejlWicl ba lal iu ieptrhnnte mnosmaheutflt r c tonotp sz lotso' fi.na
leyt eemleenst% t ah il yhmeau itye vto,ekuhm t strckt cafha4 tak Y t1trwt e.athr 'al mi m eya.tianatlowvss o eao dj twF—hhgli oeashttuttleaessypsumaanibnoeynofr e erhsdpe — oela
hatpw soai ursteaiu hntne erflenaFmioraa eeard‘ antanoa to cm a, hr’oioointca ene oT npeodd nm oik no, rasd t ovSilitaloi“ ttoCcld.ecnefpwt nileheC a,careaalsoitFdeot”dpithlteim sme etovlv ar“ mt hctsntes ecye iridsms ssvyyue l,pyn p faoetn n iihseresecs pury”ioe pabi.tngn R igeetlo dlie s B
Please enable JavaScript to view this content.
Trump says there is “no inflation” – it’s sad because I know a few guys who believe inflation isn’t real. They can talk your ear off about elementary level economics. They’re about two chapters from flat earthers.
This whole fight is based on Trump’s ignorance. The fed controls the inter-bank loan rate. That keeps the money supply in check. It does not set the 10 year Federal bond rate. The market sets that rate. Anything Trump does to destabilize the economy, and especially if he messes with the independence of the Federal Reserve, will cause the bond markets to react negatively and the ten year Federal Bond rate will go up and along with that mortgages and Federal debt payments. It must be wonderful to be so ignorant.