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b'Don\'t believe the Fed\'s spin that asset price increases are "Transitory". Price appreciation is here to stay given that the Fed has inflated the Money Supply (M1) by 4.7x since January 2020.\\n\\n\\u201cInflation\\u201d to lead headlines again when CPI data is reported. Real-world price appreciation is well ahead of the Fed\\u2019s 2% target.\\n\\nIf last month was any indication the term \\u201cinflation\\u201d will dominate market-related headlines when May CPI data is released on Thursday June 10th at 8:30am ET (See Google Trends chart below for search term \\u201cinflation\\u201d as of Thursday May 27th). Recall that when April CPI data was released on May 12th, many were surprised to learn of the 4.2% annual increase (April 2021-April 2020 period). We don\\u2019t publish a TEK2day inflation model, but trips to the grocery store, farmers markets and Home Depot were sufficient to directionally indicate that prices have increased over the past few weeks. Price increases are a predictable by-product of a foolish monetary policy that has inflated the money supply (M1) by 4.7x since January 2020 (chart below). Stagflation is the end-game to this experiment in ultra-inflationary monetary policy. As to the question of \\u201ctransitory inflation\\u201d \\u2013 that is Fed marketing spin. A casual glance at housing prices, equities, building materials, precious metals, commodities, used car prices, art, food, etc. speaks to something more permanent. The catalyst of course is the Fed\\u2019s dramatic expansion of the money supply. However, don\\u2019t blame Mr. Powell for The Fed\\u2019s actions. COVID forced his hand after all. \\u201cGood times create weak men, and weak men create hard times\\u201d. \\u2013 G. Michael Hopf'