Greetings,
United States: Here are some updates on inflation. TIPS breakevens (market-based inflation expectations) keep climbing, with the 5-year rate hitting a multi-year high.
The amount of “excess” liquidity in the economy is staggering, which will continue to be a tailwind for inflation. Here is the M2 money supply vs. the pre-COVID trend.
Eurozone: Surging energy prices continue to boost inflation, and there is much more to come as the natural gas price spike makes its way through the economy.
China: Coal futures tumbled as Beijing tries to address the energy crisis. Previous attempts provided only temporary relief.
Cryptocurrency: Bitcoin made an all-time high above $66K on Wednesday.
Energy: Oil inventories at Cushing, OK continue to dwindle.
Food for Thought: Public spending on family benefits:
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
