EVERYTHING IS GOING SWIMMINGLY: The Fed’s Inflation Fight Faces A New Challenge: A Dry Panama Canal.

Well, as swimmingly as you can go without water. “If Gatun Lake levels keep falling as forecast, the market reaction will be higher shipping rates and a scramble to find alternative routes from Asia to the US, logistics experts said. The drought also risks undermining the Fed’s battle to get the rate of inflation closer to its 2% target, said Jonathan Ostry, an economics professor at Georgetown University and a former International Monetary Fund official.”

2%? Haha.