A Year Of Disappointments Dead Ahead

Well, that didn’t take so long. Today’s PCE report got us back to square one—a near zero rate of month-over-month change in household consumption spending on an inflation-adjusted basis.

The chart below shows the drastic roller-coaster ride triggered by the lockdowns of March-April 2020, followed by Uncle Sam’s massive injections of stimmies and free stuff into household bank accounts thereafter.

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