Eighteen months ago, the financial markets began their transition from a zero-interest world to a world of higher nominal and real yields. The history books will have the final say,... read more →
“Goods inflation” was the big story of 2020. The pandemic happened, we tried to reopen the economy but factories weren’t open. Lumber prices soared, container ships backed up at West... read more →
About 40% of the Consumer Price Index (CPI) is comprised of shelter costs. Shelter comes in various forms but apartment supply/demand drivers are a big underlying factor in the direction... read more →
All-important CPI inflation data out this morning, and while the market’s reaction has been favorable since 8:30am EST there’s lots to evaluate here. Has the headline CPI inflation number fallen... read more →
With the market now having cleared the all-important 4200 on SP500, the question now becomes “what’s next?”. The answer is “breadth”. As we have noted prior, almost all of the... read more →
The CPI Index captures trends in consumer prices, the stuff that you and I all consume each day in various ways. The CPI Index is roughly comprised of 40% housing... read more →
As expected, our beloved elected officials waited until the very last moment and then cut a deal that does little for the budget but does avert a financial calamity. I... read more →
The Conference Board’s Survey of Consumer Confidence showed that consumers have grown even more pessimistic towards the stock market as the percentage expecting higher stock prices declined to 28.6% while... read more →
At two meetings I was in yesterday the topic of the current “narrow rally” was brought up. “Narrow rally” means just a few mega cap stocks going up a lot... read more →
“Inflation is always and everywhere a monetary phenomenon”– Nobel Laureate Milton Friedman in speech given in India in 1963 We have discussed before many times that money supply growth drives... read more →
