Inflation Expectations: The Start of the Spiral

UMich consumer confidence -- more than the icing on the cake

Good morning! Once again the daily chat thread opener ended up longer than I wanted with some charts, so for everyone’s benefit, a quick comment via email instead.

“The aspirations of the people are a noble thing and no one is against jobs. But it does seem easy to produce them with currency rather than productivity,. Central governments soon learn the utility of a deficit.” — Adam Smith, The Money Game