"Inflation" is a generalized, sustained increase in consumer prices. A spike in consumer prices is just that - a transitory spike. Watch as Jeff gives four reasons and examples (2000, 2008, 2021 bond yields and auctions) why the probabilities favor a rise in CPI, not "inflation".---------SEE IT-----------Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr----EPISODE #77 TOPICS----00:00 What is the difference between a rise in consumer prices and inflation?02:10 What are some examples of generalized "inflation" versus "consumer price increase"04:09 Does generalized, sustained inflation mean real generalized, sustained economic activity?06:30 The summer-autumn of 2000 delivered surging inflation - right on the cusp of a recession.09:06 The bond market looked through the 2000 inflation surge to... the incoming recession.13:06 The bond market looked through the 2008 inflation surge to... the incoming recession.17:43 The April 2021 reading of US consumer price (including core) was nuclear explosion hot.19:46 In 2000 we witnessed a similar inflation shock, that was not sustained (transitory?).21:23 Since 2000 we have witnessed a number of inflation SURGES... that proved transitory.23:18 What would change Jeff's mind about "transitory" inflation?26:04 Producer prices were reported at the same time as CPI, strong but perhaps base effects?28:30 The secondary bond market seems to be unbothered by both the CPI and PPI readings.31:06 The primary bond market showed no perturbance; auctions went off swimmingly.32:47 US Treasury 4-Week Bill auctions have been delivering "zeros" - demand is so high!33:38 The balance of probabilities is that the market sees "transitory" inflation.--------REFERENCES--------How Can Anyone In Their Right Mind Say This Much Inflation Is Transitory?: https://bit.ly/3bO8k1wWhat CPI (and PPI)?: https://bit.ly/34cONUnAlhambra Investments Blog: https://bit.ly/2VIC2wWRealClear Markets Essays: https://bit.ly/38tL5a7 ---------WHO-----------Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.