Jonathan Ferro interviews Gershon Distenfeld and Jim Bianco. Both seem to agree that inflation is here to stay. Mr. Bianco says two and maybe three more hikes due to underestimating the Fed.
Mr. Gershon talks about a secular change in restrictive trade occurring with Mr. Bianco referencing the complete shutdown of the global economy and its re-start from which persistently high inflation (3-4%) will prevail indefinitely. Mr. Bianco says, “We are not quite done with this cycle yet when it comes to inflation.”