I like the word decadent. All shimmering with purple and gold. It throws out the brilliance of flames and the gleam of precious stones. It is made up of carnal spirit and unhappy flesh and of all the violent splendors of the Lower Empire: it conjures up the paint of courtesans, the sports of the circus, the breath of the tamers of animals, the bounding of wild beasts, the collapse among the flames of races exhausted by the power of feeling, to the invading sound of enemy trumpets. —Paul Verlaine, circa 1886

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With the economy increasingly looking like it will slow down materially in the last half of the year, there is a drum beat for the Federal Reserve to cut rates. But how likely is a rate cut this year? We take a very different look at inflation to see if there is any room for the Fed to give a boost to the economy. We look over our shoulder at Japan and the yen carry trade and ask a heretical question: does the Fed cutting rates make any difference?

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