{"id":68746,"date":"2024-06-27T16:39:22","date_gmt":"2024-06-27T21:39:22","guid":{"rendered":"https:\/\/olduvai.ca\/?p=68746"},"modified":"2024-06-27T16:39:22","modified_gmt":"2024-06-27T21:39:22","slug":"chaos-is-spreading-everywhere","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=68746","title":{"rendered":"Chaos is Spreading Everywhere!"},"content":{"rendered":"
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Chaos is Spreading Everywhere!<\/a><\/h3>\n

Intensifying foreign wars, raging internal political wars, inflation all over again, and disastrous immigration are turning the world into a madding crowd.<\/strong><\/p>\n<\/div>\n

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Photo by\u00a0Callum Skelton<\/a>\u00a0on\u00a0Unsplash<\/a><\/figcaption><\/figure>\n<\/div>\n

Sure, the S&P 500 just broke 5,500 for its first time ever (and then failed miserably), but everything else this past week is proving out all the points I made in my last Deeper Dive, \u201cWhy the Fed’s Inflation Fight is Far from Over<\/a>\u201d and is also building into a \u201cYear of Chaos<\/a>.\u201d<\/p>\n

Take for example, this statement in that Deeper Dive about the one category that did the most to bring a tiny drip to overall CPI in its last report:<\/p>\n

Oil, I\u2019ve been saying, is more likely to rise right away, as the summer travel season gets going, than to keep falling. That is elementary because rising in price during the northern hemisphere\u2019s summer is oil\u2019s common pattern because travel in the summer by jet and by car and by RV and by ship all increase in the nations with the largest populations on earth and the most travelers.<\/strong><\/p><\/blockquote>\n

What do we see this week but the predictable, which is why\u00a0no one<\/em>\u00a0should have put\u00a0any<\/em>\u00a0stock in that tiny downward blip in CPI, which was dependent on falling oil prices:<\/p>\n

\u201c<\/strong>2nd and 3rd busiest days ever for TSA<\/strong><\/em>\u00a0in June\u201d<\/strong><\/p>\n

\u201cThis year\u2019s extended AAA Independence Day travel forecast\u00a0<\/strong>exceeds pre-pandemic numbers, sets new record<\/strong><\/em>\u201d<\/strong><\/p>\n

As I continued last weekend,<\/p>\n

When so much of the drop in CPI was due to oil prices falling, markets were foolish to think the little wiggle downward in CPI meant anything to the Fed (or to the rest of us who buy gasoline or diesel), as oil is highly likely to reverse that move\u00a0<\/strong>this month \u2026<\/strong><\/em>\u00a0<\/strong>and, as I keep saying, oil prices into everything else. It affects all prices down the road.<\/p><\/blockquote>\n

..click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Chaos is Spreading Everywhere! Intensifying foreign wars, raging internal political wars, inflation all over again, and disastrous immigration are turning the world into a madding crowd. Photo by\u00a0Callum Skelton\u00a0on\u00a0Unsplash Sure, the S&P 500 just broke 5,500 for its first time ever (and then failed miserably), but everything else this past week is proving out all […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[15374,172,11574,34306],"class_list":["post-68746","post","type-post","status-publish","format-standard","hentry","category-economics","tag-consumer-price-inflation","tag-cpi","tag-david-haggith","tag-the-daily-doom"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68746"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68746\/revisions"}],"predecessor-version":[{"id":68747,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/68746\/revisions\/68747"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}