• The failure of the SVB has kept appreciation of the Fed’s peripheral funds from rising further
  • Inflation exploded on us at the end of 2021 because inflation was screaming
  • We need to get core inflation down, it’s been a side but rents are lagging behind
  • What we’re hearing in the data isn’t actually supply chain problems, it’s demand
  • The US dollar as a reserve currency and basis for trade is a voluntary arrangement
  • I don’t think there is a serious threat to the US dollar, the euro didn’t even come close