KEY POINTS

What human beings believe about the future has tangible impacts on day-to-day decisions, including about how we use money.

That helps explain why the dollar fell in value and treasury prices fell the same day President Trump attempted to fire Federal Reserve Governor Lisa Cook.

If individuals are worried their savings will be devalued through future inflation, it changes their willingness to save and to invest in bonds.

That change in individual consumer behavior ripples out in what companies are able to risk in their own borrowing and investing.

All this explains why we’re seeing immediate impacts of Presidential moves in the U.S. economy, long before we can actually measure real inflation consequences.

Humans are generally forward-thinking creatures. We extend our hands

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