Since this is Inflation Week (and, in a way, I suspect every week for the next couple of years will be), all eyes were on this morning’s PPI number. As I am typing these words, the actual figures were just released, and it’s a scorcher.
The prior month was 0.8%. The expectation was 1.1%. The actual number (which, let’s please keep in mind, is heavily discounted from reality since the government has a vested interest in keeping it low) is 1.4%, which annualizes out to 16.8%. So, in fact, we’re probably in a 30% inflationary environment right now, thanks to the bumbling, criminal Federal Reserve.
