157.1 Consumer Prices Surge Worldwide in October – Why? 

———Ep 157.1 Summary———
Around the world data shows consumer prices are accelerating like we haven’t seen in years, even decades. Why? Is it because politicians are wantonly giving away money? Are gluttonous central bankers printing cash? Is it a supply/demand imbalance? Is this the 1970s Great Inflation?


Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.

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———Ep 157.1 Topics———

00:00 Intro: Consumer and producer prices are surging, around the world.
01:55 Are consumer prices rising because of monetary expansion or supply/demand imbalances?
03:37 US core and headline CPI results for October 2021: month-over-month and year-over-year.
04:48 Energy and automobile prices have powered ~50% of the accelerating October CPI change.
07:00 Are US oil producers and OPEC not raising production because of concerns over demand?
11:26 Nominal US Treasury rates rose sharply in reaction to the US CPI result.
14:11 The nominal US Treasury yield curve flattened further in reaction to the US CPI result.
17:07 Treasury Inflation Protected Securities inflation expectations rose.
18:34 But the TIPS curve inverted even further, implying price pressures will not persist.
18:57 Outro: Real yields imply CPI surges are supply/demand imbalances not ‘too much money’.

———Ep 157.1 References———

What Does The Rest of the Market Think About The ‘Epic’ CPI (TIPS, breakevens, even consumers themselves): https://bit.ly/30dfJ8h
How Can A CPI Now Above Six Price Like This?: https://bit.ly/3c1ScsX
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7


Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, lipstick lampoonist. Podcast intro/outro is “Moonshiner’s Turn” by Martin Landström found at Epidemic Sound.

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski

Art: https://davidparkins.com/