Inflation Is Running Rampant

Conclusion

The manufacturing PMIs were both good even though they differed. They both showed inflation is increasing rapidly. The CPI report should show above 3% inflation this summer. More firms are giving guidance because the economy is running hot. Sales are beating estimates sharply. In the next few decades, we believe US corporate profits will struggle to grow quickly because there will be more investigations into monopolies, wages will rise due to more union membership, taxes will rise, and interest rates will stop falling.

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