![]() ![]() And so, as you rightly say, the price of some things is still going down, but the price of other things quite important, things like semiconductors is still rising. So great points you’re making there around how money is not neutral and therefore inflation is not necessarily equal across every different kind of product or industry or what we’re looking at. However, we still have these other underlying things like rents, I think that are gonna keep that elevated and probably above the expectations for awhile? So we could see that we could see that year over year figure, go down a little bit. But as we move out of that you know, the year over year comparison gets a little bit harder. And so overall, the year over year comparison is still looking at say a somewhat of a disinflationary period from last year that kind of that May to June period was, was, prices took a dip. And so when you, when you look later this autumn I think the next kind of leg of this inflation will be rent driven in large part.Īnd we also have to see what happens with wages because we’re also seeing a labor shortage in certain industries. And yet we’ve had of course house price inflation and the, cost of building materials go up. And so one of the things I’m looking at going forward is that a lot of this inflation happened without rent increases going up by a dramatic amount. And we’re also of course seeing energy prices up we’ve seen commodity prices, some of them spiked and came back down due to various specific bottlenecks, but we generally have a higher price, a little commodities than we had in the past several years. And so that raises the cost of existing cars and light vehicles. ![]() So that’s going up the supply chain into automobiles and especially used automobiles because there’s constraint in new automobile production. And so there’s no issue there, but there’s an issue in certain things like semiconductors. So an example where we’re not running into bottlenecks is like men’s suits, for example they’re actually still deflating. And so we’re specifically running into bottlenecks, wherever there’s a supply constraint. And so when you get that increase in broad supply, we’ve improved people’s demand, right? So we given them money they didn’t otherwise have, and so they can go out and expend it, but we have increased the amount of goods and services by a corresponding amount. So P money that’s available for people’s checking accounts, savings accounts, currency in circulation. We’re actually increasing the broad money supply. So because of the large amount of stimulus we’ve had we’ve increased the broad money supply by quite a bit, which is different than just increasing base money or fed balance sheet. And, there’s certain categories that are contributing to that, right? So basically my overall framework for the type of inflation we’re getting is that this is a very fiscal driven type of inflation. Even other measures of inflation generally came in hotter than, than economists were expecting. You asked, we got, I believe it was 5.4%. And so basically we got a very high CPI print. And so overall this is, this is roughly going align along with what I expected in terms of the types of outcomes that we get from policies we’ve seen over the past year to 18 months. Whereas a number of us are expecting a higher degree of inflation. So there, if you follow people in the macro world, there are some, there have been some people that are expecting more types of disinflation. Yeah, so it came in a little bit higher than I was expecting, but overall I’ve been in the more inflationary camp. So there was recently a big CPI print of 5.4% on an annualized basis for the us. But I also wanted to start on obviously for a Bitcoin up inflation. I don’t know, you’ve been doing a lot of great work recently. I saw you were participating in the B word and there was a segment that you did, and I thought that was a great segment.
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