Catching up on information too informative and interesting to pass up:
The Federal Reserve’s talking point about transitory inflation is “going to go down in history as one of the worst inflation calls.”
So says famed portfolio manager Mohamed El-Erian.
“They got stuck on the narrative and held on to it for too long,” El-Erian says in an interview with Bloomberg. “The result of which is they’re looking at inflation that is much higher than they ever expected … much broader than they expected … and that’s going to last even longer than they expected.”
But we all knew that already, didn’t we?
Industrial metals supplies tight, prices soaring
“For the first time in more than a decade, six of the world’s most vital industrial metals are flashing a rare synchronized warning over tight supply, as logistical turmoil and strong demand spark anxiety among buyers.
“From aluminum to zinc, spot prices for base metals on the London Metal Exchange are all soaring above futures — a condition known as backwardation — for the first time since 2007. Buyers are paying a premium for access to metal against a backdrop of plunging exchange inventories, supply-chain delays, production hiccups and surging demand for industrial commodities in everything from construction to consumer electronics.”
Give that to us again: Wasn’t inflation supposed to be transitory?
Somehow the Dollar and a Quarter Store doesn’t have the same ring to it!
“Faced with the rising cost of goods and freight, discount retail chain Dollar Tree said Tuesday it will raise its prices to $1.25 for most of its products.
“Dollar Tree said the reason for raising its prices to $1.25 was not due to “short-term or transitory market conditions” and said the price increases were permanent.”
The media offers us advice for adjusting our holidays to accommodate Washington’s inflation.
“NBC’s Vicky Nguyen tell viewers to combat inflation-spiked Thanksgiving by ditching the Turkey & charging guests.”
“Maybe you do an Italian feast …If you tell everyone you’re having Thanksgiving without turkey, some guests may drop off the list & that’s a way to cut costs too.”
Meanwhile, the St. Louis Fed suggest switching from turkey to tofu:
From the FRED Blog: “A Thanksgiving dinner serving of poultry costs $1.42. A soybean-based dinner serving with the same amount of calories costs 66 cents and provides almost twice as much protein.”
Our suggestion: Just get rid of the Fed turkeys.
For advice on protecting your family, your wealth, and your retirement from inflation, speak with a Republic Monetary Exchange precious metals consultant today. He will help you create a sensible portfolio that meets your individual needs.