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Does this sound right to you? It doesn’t feel right to me…but then I live in California.
CPI report May 2023: Inflation rose at a 4% annual rate in May, the lowest in 2 years (cnbc.com)
Audaces fortuna iuvat
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I wish Milton Friedman were around to respond to this. Given money supply growth over the last 15 years, this is confusing to me. I have been anticipating much more inflationary impact than we have experienced up to this point once the economy started to recover. It is looking like inflation might abate now as the economy falls into recession. These are confusing times in many ways.
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Keep in mind that inflation is still happening, just at a slower pace.
https://twitter.com/LynAldenContact/status/1668080924477538304
Inflation is a regressive, compounding, permanent tax on the poor. This is the most important economic policy lesson we can teach the younger generations.
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Right you are.
And Cornfed, what is inflation and how do you measure whether it’s meeting your expectations?
I believe price inflation has now exceeded real wage growth for 26 straight months. This is the longest period of purchasing power erosion in our history? (And Joe’s been President for 27 months)
I believe there is pain. As highlighted earlier, Costco has reported diminishing average transaction sizes and the shifting from discretionary items to essentials.
Add to this, the Fed shrinking their balance sheet, the bank balance sheet problems, the debt overhang to refinance at higher rates and the commercial r/e valuation issues and I think we’re just getting started. But hey, what do I know. (Some months ago someone I respect told me things will start being more visible around July 4th.)
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long
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“what is inflation and how do you measure whether it’s meeting your expectations?”
I understand your point, but the monetary expansion over the last 15 years was so unprecedented and so egregious that one could have reasonably felt that there would be a much more extreme and much more extended increase in inflation. I actually think there is more to come, as core inlation has only come down a bit more than 1% from its peak.
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