Once again, the Consumer Price Index prints with little if any overall price inflation, at least as measured by this index. Keep in mind, of course, that one the primary rationale used by The Fed in hiking the fed funds rate is to restrain inflation. They must be doing a great job!
This seems like a good complement to what we just wrote yesterday regarding the lies told regarding Syrian chemical weapons back in April. Our old pal, Jim Quinn, shows that the lies don't start and stop with just foreign policy.
Back in April, the world teetered on the edge of war. In the west, we were told that "chemical weapons, including sarin gas" had been used in Syria and the the civilized world could not stand by and watch innocent civilians die in agony. It was a compelling and frightening story. It also wasn't true.
I read this article over lunch today and found it to be both fascinating and timely as clearly many of these same themes still resonate today. My hope is that the nice folks at National Review and The University of Notre Dame Press won't object to the "guest post". If they do, I'll gladly remove this article.
For the reasons we've discussed over the past several years, the US yield curve continues to flatten with today seeing new, 11-year low spreads. As you know by now, this has significant long-term implications.
A new week begins. It's the last week of the month. It's the last week of the quarter. It's the last week of the first half of 2018. And it's a big week for the POSX as the action through Friday will likely reveal which direction it's headed next.