While the stock market cratered upon the release of a new report showing inflation rising, the White House celebrated the demise of inflation. In one of the worst-timed political PR events in world history, the Biden Administration held a party to commemorate passage of the Inflation Reduction Act… just as the new data was released.
They even brought in James Taylor to sing “You’ve Got A Friend” – which is largely believed to be a song about suicide prevention. The last time Democrats trotted Taylor out to sing the tune was in 2015 after France suffered multiple terrorist attacks.
Today’s consumer price index report shows year-on-year inflation still roaring at 8.3%, thanks in part to soaring food costs, which offset a plateau on gasoline prices.
However, even without food and energy, inflation picked up steam last month, as core CPI rose back above six percent year-on-year, and 0.6% month-on-month…
To paraphrase James Taylor… we’ve seen sunny days that we thought would never end.