We are deeply saddened to share the news that Perry Mehrling passed away this morning at the age of 67. Perry was the father of the Young Scholars Initiative. He believed profoundly in young scholars, in their ideas, and in the importance of creating a community in which they could learn from one another and find their own voices. Perry, you leave an enormous hole in our midst. Our hearts are aching, and we will miss you dearly. The YSI community will carry your legacy forward. Your ideas, your generosity, and your commitment to generations of young scholars will remain with us. Thank you for everything, Perry.

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The presumption that the Fed raising short-term rates reduces inflation is predicated on the belief that higher rates reduce demand and investment. But what if higher rates don’t reduce demand and investment because the demand for intelligence and energy is unaffected by higher rates because winning the race for super intelligence has a near infinite ROI and the demand for compute will remain incalculable. Why won’t higher rates at this unique moment in history therefore lead to more inflation as interest costs are embedded in everything? And the problem is compounded as the more the Fed raises rates, the more inflation we will have and the more the Fed will need to raise rates further and so on. But what if the old models don’t apply to the current paradigm and the Fed is wrong? I think the Fed might have just made a mistake. Am I right or am I wrong?