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Another Favorable US Inflation Report Lost To Trade War’s Fog
There was more good news on the inflation front in the US Friday, when PPI prices undershot estimate
cuts, cuts, cuts, cuts! when will this emerge from the narrative miasma?
Dear Leader has pulled off some remarkable feats in his first 3 months in office. The juxtaposition between falling inflation and rising yields is not something I would’ve imagined possible, but the amazingly low expectations I had for this administration were somehow not low enough.
I am willing to bet that the Fed will have to intervene in a significant way before the year (possibly even the spring) is up. I could see them holding off for longer than they should though given the uncertainty.
Either way, might be a good time to rewatch The Fog of War. That’d be far more insightful than Dalio’s navel gazing.
Speaking of Robert McNamara, I re-watched Ken Burns’ documentary on Vietnam recently. It is a great lesson on misguided government policy, poor decision making, and what happens when the government begins to lie to itself and the American people.