The S&P 500 fell 4.8% last week and is now down 19.4% year-to-date. Bonds were also down with yields up all across the yield curve. Gold was down 2.5% and the GSCI commodity index was down 2.3%. Rate-sensitive REITs were down nearly 6%. The list of what went up last week would be quicker: the dollar, platinum, silver, and some [...]
Europe’s statistical agency Eurostat reported today that its preliminary inflation estimates released earlier for the month of July 2021 had come out correct. Those first guesses had put the year-over-year change in the overall HICP at 2.2%, and its core rate one of the lowest at 0.7%. With more completed survey data and more time to recheck the statistics, confirming [...]
As it turns out, those “transitory” inflation factors were worth only about 25 bps on the core CPI rate. This isn’t at all surprising and was as usual entirely predictable. But when you don’t have any answers there is a lamentable tendency toward denial or deliberate evasion, even if that leads toward the ridiculous. Base effects are a part of [...]
Stay In Touch