It’s Time to Abandon America’s Fetish for “Unconditional Surrender”

On Monday, thirty members of the Congressional Progressive Caucus called on the Biden administration to pursue a negotiated peace settlement or cease-fire with Ukraine. The letter from the Progressive Caucus is careful to praise the administration for its ongoing efforts to fund Kyiv’s war effort, but also concludes that not enough is being done to encourage a negotiated settlement.

One More Time

Everyone expects the Federal Reserve to increase rates next week. The CME Group assigns a probability of 97% that the Fed’s target rate will rise from 3.0-3.25% to 3.75-4.0%. With the Fed hiking for quite some time, and inflation maintaining a 40 year high, at least two things should now be apparent: Raising rates to fight (price) inflation does not work and the Fed will continue raising rates to fight inflation.