Biden’s Inflation

As we thought, Jun-CPI +9.1% (expected +8.8%). May-CPI +8.6%
Core was +.7% (expected +.5%).

Highest inflation in 41 years (since Reagan end of Carter-Reagan recession) and showing acceleration which will force Fed to more aggressively bring inflation down to 3-5% by raising short rates by 1% next week and again in Aug (no FOMC scheduled; may elect to hold ad hoc meeting between Jul.26 & Sep.20)

May-PPI (Thu) will likely show +11.5%, up from +10.8%.

Yield curve is now inverted by +11bp short-long (not insignificant) indicating recession ahead.

Continue the line upward to the right and near record levels.

Second Amendment of US Constitution

Obama complained and called the Constitution a document of negative liberties. Initially that did not make sense to me, after considering what he said and watching his actions I began to realize that what he and many other leftists hate is that said document is intended to protect “We, the people” from power-hungry politicians who want to strip us of all our freedoms.