Regional Fed Presidents, whose vote holds equal weight to that of the chairman, are already indicating that their wait-and-see stance is further warranted by the conflict. Cleveland’s president, Beth Hammack, said rates could be held for “quite some time,” with Iran presenting a new inflationary risk. Likewise, Minneapolis Fed President Neel Kashkari said this week he was growing less confident about his previous estimation of a 25bps cut this year, explaining: “With the geopolitical events, we need to get a lot more data in.”
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So here’s the report we can make to Mr. Chesterton: for-profit scientific publishers arose to solve the problem of producing physical journals. The internet mostly solved that problem. Now the publishers are the problem. These days, Springer Nature, Elsevier, Wiley, and the like are basically giant operations that proofread, format, and store PDFs. That’s not nothing, but it’s pretty close to nothing.