HEY SCHUMER: Morgan Stanley’s Chief Economist Isn’t Buying Your Inflation Reduction Blather

Written by Wes Walker on August 15, 2022

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Remember when Manchin said he wasn’t going to sign a bill that worsens inflation? Good times… until he and Schumer dropped this ‘Inflation Reduction’ monstrosity on us.

Schumer, Pelosi, and Biden’s White House have been crowing about how this will stick a fork in the growing inflation crisis. But not everyone in the world of finance is marching in lockstep with their talking points.

Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, sat down with a Bloomberg podcast last week and explained why she doesn’t believe the recent bump economic indicators got are anywhere near the optimistic signals Joe Biden & Co. would have us believe they are with that dramatic (and terribly misleading) pronouncement of ‘zero’ inflation he gave at a speech last week.

Shalett described the first six months of this year as a ‘very, very textbook bear market’, noting that some of the sharpest drops were felt in the tech sector.
‘Folks think the data’s going to get more constructive, and we get folks thinking that they’re going to find some bargains, and they go in and they find the bargains where things have sold off the most,’ she said.
…She added that there was more bad news to come.
‘Folks who are true students of the market know that in every bear market we have these retracement rallies. They are head-fake rallies.’
–DailyMail

The narratives being spun by Democrats would have us all popping corks with their news.

But with inflation still at least 3x the levels the Fed sees as sustainable, we’ve got a long way to go yet before we’re home free. As long as inflation remains elevated, the economy has NOT yet recovered.

With midterms about 90 days away, you can expect more coordinated optimism from the partisan news media that have a record of handing Democrats ‘fortified elections’ going back at least as far as Dan Rather running fraudulent stories to deep-six Dubya.

Regan had a ‘trust but verify’ policy with Soviet promises.

When it comes to the ‘traditional’ media, we can probably skip that ‘trust’ part.

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