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More “Transitory” Inflation Ahead
Trump continues his best Biden impersonation on spending, debt, and money supply expansion. This is a good time to remind everyone inflation numbers are growth rates. They’re not a reduction in absolute prices, but instead a percentage of a higher base. In other words, going from an annual price of $100 to $110 to $115 is considered slowing inflation in government speak since the growth rate has dropped from 10% to 4.5%. Plus, the government regularly tweaks the indicators by adding/subtracting items to make the values look better, or alternatively, issue rosy numbers now and later release “revised” numbers from previous quarters when the news cycle has moved on. As always, the best guide is common sense and what prices you see in your own purchases.
US deficit grows to $291 billion in July despite tariff revenue surge
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