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2023-11-14 08:42 by Karl Denninger
in Monetary , 336 references Ignore this thread
[Comments enabled]

Oh, you have to love the screaming bulls.....

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis, after increasing 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment.


The all items index rose 3.2 percent for the 12 months ending October, a smaller increase than the 3.7-percent increase for the 12 months ending September. The all items less food and energy index rose 4.0 percent over the last 12 months, its smallest 12-month change since the period ending in September 2021. The energy index decreased 4.5 percent for the 12 months ending October, and the food index increased 3.3 percent over the last year.

I have to laugh at the reactions -- up fifty handles on the spoos immediately.

Never mind that the 4% core annualized is still double the alleged "Fed's Goal."

Gasoline was the big one, down 5.3% on the month.  We've all seen that.  There's much less downward in electricity and almost none on the month in diesel (fuel oil); piped gas was up by 0.9%, but on an annualized basis is down significantly.

Does anyone believe that on a 12 month basis food at home is only up 2.1%?  What are you all smoking over there?

I had to shut off CNBC as I was about to vomit at the parade of people talking about how "financing green energy" has become "too expensive."

Heh fools, its not about "financing" anything; its about paying for it right here and now.  This garbage about "just issue more debt" is why we're on the verge of an economic collapse initiating in the government and its financing costs.

Then again the purpose of "financial media" is to sell financial products.  You shouldn't be surprised at that, right?  When have you ever had a Realtor tell you it was a bad time to buy a house, or a car dealer tell you it was a bad time to buy a car?


PS: No, rates are not done here -- but for today, at least, it sure looks like the Stonk Muckit thinks its all happiness and heroin.  Have another shot!  Oh, the IRX (13 week T-bill index) doesn't buy what the jackasses on TeeVee and the SPX pumpers are selling; the inversion in the curve in fact increased, and not by a little!