Back in September, when the Fed was still lying to itself and to the people that inflation was "transitory", yet when the first hints the Fed would have to tighten soon emerged, we asked a simple question: "How Exactly Do Central Bankers Plan To Resolve Supply Chain Bottlenecks." It is a question that nobody has answered yet for the simple reason that there is no answer: the Fed can at best adjust demand-side inflation but when it comes to supply chain bottlenecks (which as we showed earlier today are about to get much worse), the central banks is completely helpless. Fast forward 5 months when the same question ... (full story)