I wonder if the US House of Lords (aka, the US Senate) is paying attention to anything other than how much money that can spend … that we don’t have. Ah, the magic printing press! But printing that much money has negative effects … like inflation.
Yes, we are seeing inflation in the US economy. US REAL personal consumption expenditures rose to 4% YoY in June as the University of Michigan Buying Conditions for Housing (Good) dropped like a rock.
Here are the numbers. My favorite is the PCE Core Deflator MoM that rose 0.4% for an annual run at of 4.8% (0.4% x 12).
My favorite measure of inflation that the Federal government and The Federal Reserve ignore is housing. And house prices are growing at 16.6% YoY, 4x Core PCE growth YoY.
Any wonder why the UMichigan survey is so negative for buying as house?
Or could it be that Ohio State usually crushed Michigan in football in all but two seasons since 2001?
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