Inflation Headed DOWN From Here, Despite Tariffs | Steve Hanke
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As the world awaits Federal Reserve Chairman Jerome Powell's speech at Jackson Hole, the question on everyone's mind is:
Where is inflation headed from here?
Is it set to surge as the Trump tariffs start being felt in full force?
Or is it set to trend downwards to the Fed's 2.0% target due to a slowing economy?
To discuss the latest possibilities, we have the good fortune to sit down and get a full update today from Steve Hanke, professor of applied economics at the Johns Hopkins University in Baltimore, Maryland.
Steve is confident that the Quantity Theory Of Money formula projects that inflation will fall over the coming quarters -- and, yes, that's even when taking the tariffs into consideration.
#inflation #federalreserve #tariffs
0:00 - Focus on Jerome Powell’s Jackson Hole speech and inflation outlook
2:11 - Current assessment of economy and financial markets
4:09 - Challenges of timing market exits and re-entries in bubble conditions
8:04 - Asset price surges driven by M2 growth favor older, wealthier demographics
11:03 - Wealth concentration: Top 1% wealth skyrockets vs. bottom 90%
13:49 - Need for neutral monetary policy to reduce economic distortions
17:25 - Rising education costs and declining job prospects for graduates
21:09 - University administrative bloat fueled by government mandates
26:34 - Inflation outlook based on quantity theory of money
29:01 - Tariffs as relative price shifts, not sustained inflation
36:05 - Tariffs as economic drag, worse than Smoot-Hawley due to uncertainty
44:21 - Tariffs cause one-time price pops, not sustained inflation
49:37 - Fed’s focus on interest rates over money supply is misguided
58:06 - Inflation likely to hit 2% or below within 12 months
1:05:19 - Potential for Fed reform to embrace quantity theory of money
1:12:47 - Rising real yields and economic challenges in 2026
1:19:49 - Geopolitical risks and overvalued markets signal volatility
1:25:34 - Investment strategy: Avoid all-in/out moves, rebalance portfolios
1:27:59 - Where to find "Making Money Work" and follow Steve Hanke
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