95.2 Transitory inflation? No, already TRANSITIONED!
———Ep 95.2 Summary———
A review of July’s HUGE increase in consumer prices. We conclude these price surges are due to supply problems, base comparison effects and mostly Uncle Sam stimmy checks. None of which are permanent changes to the situation of monetary malfunction and economic depression.
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———Ep 95.2 Topics———
00:00 Show Intro: US consumer prices have grown at a 5% annual pace for months; is it inflation?
00:19 Inflation is broad and sustained advances in consumer prices, not temporary deviations.
03:08 Recent high readings in CPI are narrow surges: energy and automobiles.
05:07 Why is it appropriate to strip out food and energy to identify (sustained) inflation?
06:24 Both the headline (2bps) and core (20bps) inflation rates in July were less than June.
07:43 Since 2020 there have been two (transitory) surges in inflation. Was it a fiscal impulse?
09:28 The Services CPI shows a multi-month retreat in inflation.
10:52 Global consumer price data suggests the recent United States CPI rally is an outlier.
———Ep 95.2 References———
Inflation More Than Hints ‘Transitory’: https://bit.ly/3iQc9aD
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
Real Clear Markets Essays: https://bit.ly/38tL5a7
———Who———
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is “Dress Code: Black” by oomiee from Epidemic Sound.
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