The Blind Squirrel's Monday Notes. 2/27/23
The Blind Squirrel's Monday Notes. 2/27/23
Please stop blaming the Avocado Toast.
Summary
Friday’s PCE data puts inflation back on the front pages, distracting us from the AI buzzword bingo that has dominated this month’s earnings reports
The inflation of ‘needs’ looks set to be sticky in the medium term - we review the latest from the excellent ‘Champion of the Millennials’, Vincent Deluard. He is absolutely right that the deflationary tailwinds that have made the Fed’s job so easy for the past 20+ years have now all disappeared. Younger generations’ ability to keep up with ‘needs’ inflation has nothing to do with avocado toast consumption.
Is the market narrative transition from ‘hard recession’ to ‘no landing’ happening just as the impact from the most rapid monetary tightening in history starts to bite?
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Inflation is back and here to stay
The theme of inflation was very much back on the front pages by the end of last week and Friday’s “hot” PCE number. We ar…