The Fed Admits It Has Lost Control

We all knew the "transitory" narrative was nonsense. But it was different hearing Powell admit it yesterday. Powell's testimony yesterday is likely a game changer for markets heading into 2022.

Like any junkie with an addiction, the first step is admitting that you have a problem.

It was no sooner than Paul Krugman came out less than two months ago declaring a win for what he called “Team Transitory” that Jerome Powell sat in front of a Senate panel and was forced to admit he had a problem.

Powell seemed to come to terms yesterday that he was st…