July 2, 2018   Dear Investor,   The words don’t look insidious: “My hope is that the Fed, under its new management, understands that more people working and faster economic growth do not cause inflation.” But they come from Larry Kudlow, who works for the White House as Director of the National Economic Council. This makes them dangerous words indeed. Traditionally, the White House has wisely abstained from bullying the Fed. As a...