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Fantastic update from Goldman Sachs – Jan Hatzius and his team – who have been spot on with their economic forecasts this year and with only 20% chances of a recession in the next 12 months – on how they expect disinflation to take place over the next 18 months. I’m just wondering if 3% in Dec 2024 will be enough to convince the Fed and Governor Jay Powell, who repeatedly refused calls for the Federal Reserve to adopt 3% as a new inflation target. While we sit tight, let’s enjoy the reduction in inflation, hopefully starting from Wednesday’s CPI and Thursday’s PPI.

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