The Right Track

Notes on the Week Ahead

I have never been blessed with any skill in golf. However, I do have some imagination and so I can imagine a situation in which I am lining up a long and difficult putt. With well-justified humility, I wince as I strike the ball, knowing it will miss. However, even two or three seconds after sending it on its way, I realize that, surprisingly, I’m still not sure how it will miss – I can’t quite tell if it’s going to miss to the right or to the left. And so, of course, the ball trundles its zig-zaggy way up to the lip of the hole, pauses, and then topples in.

Last week’s GDP report ignited angst on both sides. Some worried that the economy was slowing too much, with recession in the offing. Others saw too much inflation, requiring an even more aggressive Fed campaign to squash it before it begins to reaccelerate in a serious way.