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Two Federal Reserve officials suggested Friday morning that inflation could persist longer than thought after the central bank's most closely watched inflation gauge surged by the most in months.
Inflation Horror Show. The Fed has got a problem on its hands.
    Weaponizing Global Depression
Feb 24, 2023 - 08:30:10 PST
All this suggests a strategy that's only available to those few nations with these capacities: weaponize global depression.
    German Inflation Pushes Higher: Report
Feb 24, 2023 - 08:27:04 PST
Inflation in Germany has continued to climb, driven by soaring energy and food prices, Destatis reports
High energy prices have caused household expenditures around the world to spike, pushing tens of millions of people into extreme poverty and even more into energy poverty
A recent Wall Street Journal article exposed how retail traders that made millions during the pandemic trading the market are now wiped out.
Many were expecting today's Personal Income/Spending/PCE report to come in "a little" above consensus expectations (hence the drift lower in futures overnight). Few expected the red hot numbers just published by the BEA (hence the collapse in futures after the print).
The headline from the University of Michigan sentiment survey continues to be inflation expectations. After the preliminary February print showed an unexpected rebound in short-term inflation expectations, all eyes were on today's final print which slipped a little from flash but is still higher MoM (4.1% final vs 4.2% flash vs 3.9% prior)...
Another sign of a not healthy economy is housing. New Home Sales collapsed -19.4% from January 2022 (aka, year-over-year or YoY). If I were Joe Biden, I would be touting the month-over-month number…
Please consider the Gross Domestic Product, Fourth Quarter 2022 and Year 2022 (Second Estimate).
A political decision to solve Japan’s horrid fiscal mess by fueling inflation, and forget that 2% target.
Say again gold and silver prices have not outperformed inflation with a straight face (Feb. 17, 2023).
Precious Metals Percentage Growth Since 2000 (Feb. 17, 2023). Image
We've had quite a few requests to get an update on Mike's favorite distributed ledger project, HBAR. Today, the project has blossomed and has raced up the market cap indices to a recent high of #26 out of 8000+ cryptocurrencies.
After two months in a row of MoM declines in spending, consensus forecasts both spending and incomes grew MoM in January and they were right but income grew by only 0.6% (+1.0% exp) while spending rose more than expected (+1.8% vs +1.4% exp). That is the biggest monthly jump in spending since March 2021...
The US Federal government reminds me of the Peggy Lee song “Is That All There Is?” Since the outbreak of Covid in 2020 and the absurb spending spree by Pelosi and Schumer, the Federal government has increased their debt by 36% to help pay for the Federal spending spree. That amounts to $54.8 TRILLION in additional Federal debt since January 2020.
    Gold Eases on Worries Over Higher-For-Longer Rates
Feb 24, 2023 - 05:39:29 PST
Gold prices inched lower on Friday as investors fretted that a recent slate of stronger-than-expected economic data from the United States could make the Federal Reserve keep raising interest rates for longer.
Some of the world’s top investors are betting the worst of the dollar’s rampage is over after the surge upended the global economy in ways that had few parallels in modern history.
    Dollar Rises to Fresh Seven-Week High on Rate Outlook
Feb 24, 2023 - 05:34:06 PST
The dollar index rose to seven-week highs on Friday, as investors prepared for U.S. interest rates to stay higher for longer after a set of strong U.S. economic data.
    8% Fed-Funds Rate Needed to Control Inflation: MW
Feb 24, 2023 - 05:32:01 PST
Dominique Dwor-Frecaut, a former associate with the New York Fed, says the Fed needs to hike the fed-funds rate to 8% to stabilize inflation.