This is bad news for savers: the plan is to lower interest rates and print money while hiding it, so your dollar buys less.

• The Iran ceasefire fell apart, Iran shut the Strait of Hormuz again, and oil flows are at risk — which keeps inflation high for now.
• New Fed chair Kevin Warsh held rates steady to look tough on inflation, earning credibility to cut rates later once oil and inflation fall.
• The Fed is reworking how it measures inflation so it can show low numbers and justify rate cuts and money printing.
• The trick: the Fed sells bonds while deregulated banks buy them with borrowed money — same effect as money printing, but it doesn't show on the Fed's books.
• For now the plan is failing: bonds, stocks, and gold all moved the wrong way, and the bond market doesn't believe inflation is under control.

Outlook: If the Iran deal holds and oil drops, expect rate cuts and quiet money printing later this year — but a new Fed chair often means a falling stock market first.