Did the global economy dodge an economic bullet yesterday? The U.S. and the European Union agreed to step back from the brink of imposing mutually punishing tariffs. The agreement — if there really is one — contemplates a future agreement to resolve trade differences. Like Brexit, this is an unformed plan to somehow resolve thorny differences at an undetermined date in the future. Omitted from the plan to make a plan is any clue as to ending the most potentially harmful tariffs, those on steel and aluminum. For a long time, I have been in the low-inflation-for-longer camp. Changing facts, including new tariffs and an ... (full story)