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Friday, May 14, 2021
U.S. retail sales were released this morning and, as you might expect, folks are now spending less on stuff and more on stuffing their faces, in public places that is...
Thursday, May 13, 2021
This Week's Message: Our Present Inflation Narrative -- and the Potential For Something 'Long-Term' Special In Commodities
One of the late great economist Milton Friedman’s oft-quoted assertions is:
“Inflation is always and everywhere a monetary phenomenon"
Wednesday, May 12, 2021
We've talked about the base-effect distortion of the latest data when compared to where we were a year ago. So, sure, when we look at year-on-year CPI north of 4% (core [ex-food and energy] at 3%) no sweat. Ah, but month-over-month? Of course that's meaningful.
Tuesday, May 11, 2021
The NFIB Small Business Survey was out this morning and, as I'll bet you suspect, optimism's up among the companies who employ more than half the U.S. working population. And, nearly more than ever, they'd love to be employing even more.