65.2 The Fed is right about inflation (this time)

———Part 2 Summary———
US producer prices surged in the month of March. But Federal Reserve chairman Jay Powell said they won’t last, that they are “transitory”. HE IS RIGHT! But the reason he gives – the covo – is not correct. No, the reason is the same one since 2007: the global, silent depression.

———See It———–

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
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Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

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———Ep 65.2 Topics———

00:05 US Producer prices for the month of March increased at the fastest pace in a decade.
01:01 A similar inflationary surge in PPI occurred in 2010-12 period.
02:25 In September 2011 Ben Bernanke warned that the PPI surges at the time were “transitory”.
04:43 Bernanke was correct that base effects and commodity prices raised PPI
07:01 Good inflation is brought about by full employment and is not “transitory”.
09:12 Jay Powell also says the PPI surge is “transitory”, but he blames COVID for it.
11:32 A chart potpourri of monetary measures confirming a meek (and pausing?!) reflation.

———Ep 65.2 References———

Scorching, Blistering, Highest In A Decade! Powell’s The Voice of Reason Here?: https://bit.ly/32kpNcW
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7


Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by the Ingmar Bergman of the pen, David Parkins