Stockman’s Corner

Memo To Fed: If Your Knees Are Wobbly, Don’t Announce A Plan

Yesterday we noted that the so-called “control group” in the May retail sales report, which is used in the GDP calculation, printed a blank (0.0% M/M). Also, the data from April was revised dramatically lower from +1.0% M/M to +0.5% M/M.

Calling Paul Volcker!

Ooops! The allegedly “strong” US consumer took a belly-flop in May. And that -0.3% month-on-month decline amounts to -1.3% when adjusted for May’s red hot CPI reading. Annualized, that’s a 15% shrinkage in real retail spending.

The Great Reckoning Has Begun

Well, that should have been a wake-up call. The 30-year mortgage rate soared by 24 basis points yesterday to 6.18%. So the latter now stands at well more than double the 2.65% rate which prevailed just 18 months ago in January 2021, and at the highest level since the tail end of the Great Financial …

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Inflation: Joe Biden Gets It Red Hot!

When it is convenient, the government data mavens like to report the annualized rate of change for the most recent monthly or quarterly release. Alas, Friday’s CPI report for May was not one of those occasions—since that number came in at a smoking hot 11.6%.

Joe Biden’s “Man-Made” Energy/Inflation Crisis, Part 4

Call it the confluence of the red and the green. Washington’s idiotic Sanctions War on Russia owing to the blood flowing in Ukraine and the Biden Green Energy trainwreck have generated not simply surging energy prices, but chart-topping rips which show no sign of abating. They can’t because the Climate Change brigade has mobilized both …

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Oooops!

Joe Biden’s “Man-Made” Energy/Inflation Crisis, Part 3

As we indicated in Part 2, the Climate Howlers want you to believe the absolutely anti-scientific notion that the global climate was in general equipoise until the coal barons and the John D. Rockefeller’s of the mid-19th century set off a dangerous chain of climate dysfunction. This allegedly happened when they brought the stored solar …

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Joe Biden’s “Man-Made” Energy/Inflation Crisis, Part 2

As we amplified in Part 1, the current $120 oil price is not mainly a consequence of the Ukraine War and the curtailment of Russian crude oil and products supplies. The larger context is the Climate Change hysteria and the deleterious impact it has had on fossil energy investment.