Show Notes
Fox dropped Peter for saying inflation would accelerate. August CPI proved it. Now an 88% rate hike, 19-year-high yields, and $100 oil.
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Peter got dropped from Fox News for saying inflation would accelerate. August CPI just proved him right.
Last December Peter went on Fox News and said prices were still rising and the rate of increase would accelerate. Trump called him a Trump hater; Fox stopped booking him. Today's CPI: up 0.4% for August, 3.4% year over year, core hotter than expected, PPI running 5.4%, oil back over $100. Consumer inflation expectations jumped to 4.6%. Everything he said would happen has happened, while the president told a Republican convention this week that prices are "rapidly going down."
Markets now put 88% odds on a rate hike next week, and Peter says the Fed has backed itself into a corner: Warsh has talked tough for so long that not hiking ends the Fed's credibility. But a symbolic 25 basis points "ain't gonna cut it" when inflation is rising faster than rates. The bond market already knows. The 10-year hit 4.97%, a 19-year high, the 30-year 5.35%, and Peter argues we're only six years into a bear market where 5% is nowhere near the top, with $40 trillion of debt to refinance. He also takes apart Trump's $5,000 "dividend" (a bribe paid from $4 trillion of new debt), calls gold dips a gift, and says Bitcoin's chart projects to zero.
Chapters: 00:00 Fox News Inflation Call 00:34 9/11 Reflections and Liberty 05:27 CPI Report and Fed Odds 14:16 Symbolic Hike Won’t Work 36:49 Metals and Bitcoin Check 37:51 Bitcoin Head and Shoulders 39:24 Why a Midterm Convention 44:55 The 5000 Dividend Claim 57:17 Inflation Jobs and Wrap Up
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