Durable goods inflation +3.3%. Food inflation +3.4%. Services inflation rising, but still held down by battered airline fares, lodging, event tickets, etc. — until people start traveling and going to events again.
There is no return to the “old normal.” Employment adjusts too. But it will take years to sort out the issues these sudden massive shifts leave behind.
Nationally, visits to “places of commerce” remained anemic. Houston, Dallas, Austin, San Antonio, and Nashville, which had been near the top, plunged to the bottom.
Bitcoin was trading at $57,000 when I posted the podcast last Sunday. Now, as I’m posting the transcript of the podcast, bitcoin is trading at $46,000, which makes one of my points.
