Summarizing https://cryptohayes.substack.com/p/are-we-there-yet

Here's my try:

The author reflects on his childhood car rides and how he used to get bored during long journeys. He mentions a radio show that taught him about cigar wrapping methods, but he never smoked himself. The article is not related to cryptocurrency or trading. In the financial world, the Fed must raise rates to fight inflation. This has led to falling asset prices, which in turn has caused tax revenues to decline. However, despite this, the government continues to spend more than its means, resulting in higher deficits. To fund these deficits, the US Treasury must issue more bonds at a higher rate of interest due to higher Fed policy rates. Rich savers have benefited from this, as they are now earning more interest income than they have in over 20 years. This increased interest income is then used to consume more services, further boosting nominal GDP growth. Roughly 77% of US GDP is made up of services. Inflation becomes sticky because nominal GDP growth exceeds government bond yields. The Fed must raise rates to fight inflation. As GDP growth continues to outpace bond yields, inflation will become