SchiffGold’s Blog

Retail sales unexpectedly dropped in May, casting doubt on Federal Reserve Chairman Jerome Powell’s “the American consumer is healthy” narrative.

The Federal Reserve took a more aggressive swing at red-hot inflation at its June FOMC meeting, raising interest rates by 3/4%. It was the biggest hike since 1994. The question is will this be the last swing at inflation?

The Federal Reserve doesn’t have a very good track record. It was wrong about transitory inflation. It was wrong about peak inflation. And it’s almost certainly wrong in thinking the economy is strong enough to withstand tighter monetary policy to fight inflation. But President Joe Biden trusts the Fed. The cornerstone of his inflation-fighting plan […]

Producer prices continue to rise at a near-record pace, further undercutting the notion that we’ve reached “peak inflation.”

There is a meme floating around social media that seems to prove greedy corporations – specifically oil companies – are the root cause of inflation. How does this meme stack up to reality? Short answer — it doesn’t.

Consumer sentiment plunged to record lows in June. The plummeting consumer sentiment numbers surprised mainstream analysts but they shouldn’t have given Americans are taking a pay cut month after month thanks to red-hot inflation.

Inflation wasn’t transitory. And inflation hasn’t peaked. It’s more like peak inflation was transitory.

The latest seasonally adjusted inflation rate for May came in scorching hot at 0.98% MoM and 8.62% YoY, beating expectations of 0.7% and 8.3% respectively. All prices rose in May with 9 of 11 categories rising faster than the 12-month trend, representing 97.5% of the total CPI.

Everybody was thrilled to get stimulus checks in the mail during the COVID-19 pandemic. “It’s free money!” many exclaimed. But nothing in life is free. This includes “free” things handed out by the government. So today, you’re paying for those stimmy checks and the government pandemic spending spree.

There are a number of signals that the US economy is getting weaker even as inflation gets stronger. In other words, we are hurtling toward stagflation.