We are in a sweet spot.

In the US, "Consumer prices soared 9.1% compared with a year earlier," "further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing costs to follow." In June, "The Fed raised its benchmark interest rate by three-quarters of a percentage point - the biggest rate hike since 1994. That follows a quarter-point jump in March and a half-point jump in May." NPR. In total, the Fed has raised its Funds rate by 1.5% since March to 1.5-1.75%. "The Fed would like to see weaker growth, which should help bring down inflation. Healthy job gains in June point to an economy that is still expanding with little sign of an imminent recession." "Nonfarm payrolls increased 372,000 in the month, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth," so that "The unemployment rate was 3.6%, unchanged from May and in line with estimates." CNBC. "The rupee has been steadily falling with no signs of revival in the near future. The Indian currency touched 79.37/Dollar during the weakest ever session and fell over 5.4% since the start of the year because of evolving concerns, foreign investors pulling out money, interest hikes in the USA, inflation owing to supply chain concerns from the never ending Russia-Ukraine conflict." FE. One dollar buys Rs 79.80 this morning. xe.com. The benchmark Brent crude is trading at $100 per barrel. oilprice. com. Most of the supply chain problems are not because of the war but because of savage sanctions imposed by the US and Europe with the intention of wiping out the Russian economy and bringing Russia under total control of the Western cartel. Sanctions will not be lifted until the West achieves total victory, even if the war ends. "Monetary policy affects the economy with a lag of about a year, so what a central bank does today has implications for the economy much down the line. That is why forecasts of the economic situation a year later - especially inflation - matters so much for the practice of central banking," wrote Niranjan Rajadhyaksha. "There is no doubt that central banks did not anticipate such a rise in inflation, and now have to make tough calls on whether to move cautiously because of the uncertainty or aggressively to quickly bring inflation back into their mandated comfort zones." Central banks all over the world may be worried about soaring prices but not the good old Reserve Bank of India (RBI). "Inflation may ease gradually in the second half of 2022-23, RBI Governor Shaktikanta Das said." TOI. Government owned State Bank of India has gone further and predicted that inflation in India will drop to 5% by March 2023, even though rates of GST have been increased. ET. India's retail inflation eased to 7.01% in June from 7.04% in May on the back of lower food prices. CNBC. The rupee may fall below 80 to the dollar, oil may rise again and there may be a global recession but we are in a sweet spot. So they say. And we thought cannabis is illegal in India.