JPOW adjusting speech and strategy on Q&A - this move gives him top cover to be more hawkish.  He knows better than anyone that the wealth effect is inflationary so he's got to balance the scales. Spiking higher at the apex of rising wedges and all time highs and then telling people policy is restrictive starts to erode credibility (but I did call the spike up and out of the wedges...ice cream cones melting in zero g)

Unemployment rising and the rich partying in the streets. History never repeats but the story only changes slightly each time as cultures always inevitably slip to the left and the wealth divide explodes wider.