But it’s a lot worse than it appears.
This would normally have triggered a Buyers’ Strike, but the Inflationary Mindset has changed.
“Inflationary pressures pose increasing price risks to Treasuries & stocks” as the Fed will react.
Paying even more to get even less. Exactly what American consumers need the most in these trying times.
The majestic inflation overshoot has arrived.
This change in the inflation mindset is likely not “temporary.”
Mexico and Brazil, having seen the economic destruction that high inflation can wreak, don’t want to see it again.
“While you don’t want to be too preemptive” in tapering, “you don’t want to be so reactive as to being late.”
Fed officials, economists “surprised” by surge in CPI inflation, but we’ve seen it for months, including “scary-crazy” inflation in some corners.
And there are some whoppers.