Inflationary Impulse

Inflation is not all the same. Commodities like soybeans, lumber, oil, and even used cars and silicon chips can fluctuate sharply but have little, if any, momentum. Conversely, wages and movie tickets tend to rise slowly, but importantly, can create their own inflationary energy. We have a great deal of the first type of inflation, hopefully we don’t get much of the second; it’s hard to crack absent real effort.

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