Central banks, like the Bank of Canada and U.S. Federal Reserve, “have their head in the sand because they’re focused on fighting yesterday’s war,” according to David Rosenberg, founder and president of Rosenberg Research.
“All the things (commodities) that were producing the inflation that occupied our minds for the past a year and a half, they’re all unwinding in spectacular fashion as if these central banks have their head in the sand because they’re focused on fighting yesterday’s war,” Rosenberg said in an interview Thursday.
“I imagine a lot of it is because they are so ashamed and so embarrassed of having missed this mini inflation cycle that they’re trying to make up for by being unduly aggressive, just as these inflation indicators principally in the commodity markets are rolling over in significant way.” Here is a direct video link.
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