Secular Trend in Inflation Is Upward, Says Richard Bernstein

The video discusses the hawkish risks at the upcoming FOMC meeting, with a likely 25 basis point hike and potential for a 50 basis point hike in the future. It examines market consensus on inflation and the Fed's position, highlighting the unprecedented gap between inflation and the Fed funds rate. The discussion suggests that the Fed is far behind in addressing inflation, and without aggressive action, the secular trend in inflation is expected to rise.

What is suggested about the Fed's ability to control demand and inflation in the future?

What challenges does the Federal Reserve face in addressing inflation according to the discussion?