Fiscal stimulus and spending bills. Direct demand injection; the 2020-21 transfers explain both the boom and the inflation.
What to watch: Appropriations; industrial policy; transfer payments. It arrives event, and the effect typically lasts years.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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