Wholesale inflation for energy is going to rip higher in the Apr report as the price increases that weren't included in Mar are piled into later months...

ATL Fed: sticky CPI still at blistering 4.5% Y/Y; no chance the major drivers of inflation w/in the CPI slow down, much less reverse; the basket of items that change price relatively slowly was up an annualized 5.0% in Mar w/ sticky core an annualized 5.2% - this is structural:

CLV Fed: median and trimmed-mean CPI both remain hotter than headline CPI, further indicating that the price increases we're seeing are widespread; the CPI is not rising simply b/c of one-off jumps in a single item - it's everywhere, and inflation isn't going to 2%...

Insane: 42% of spending in Mar was financed by new debt - and then Yellen scratches her head when Treasury auctions are horrendous, like today's 10-year...

Don't be fooled by the outlay called 'net' interest - this is not the full cost to service the debt; it's essentially a made-up category uses certain revenue streams to offset the total (gross) interest on the debt, which has already eclipsed defense spending:

Interest on the debt blew past defense spending months ago and has been the 3rd largest line item in the Treasury's monthly statement for a while, behind only the Social Security Administration and the Dept. of Health and Human Services - but the interest is catching up...

In Oct, the 1st month of FY '24, estimated interest on the debt for all of the FY was $1.003 trillion; in Mar, halfway through the FY, it jumped to $1.144 trillion; did reality change? No, it's just that the gov't-paid bean counters can't ignore it anymore - expect it to worsen:

Jim Grant, in an interview just this morning with Maria Bartiromo, said 'the Fed itself regards a potential second term for Donald Trump as a clear and present danger to the country.'
Grant was right about the Fed and this undercover video proves it:

Here's a fun little exercise:
1) Look at your paystub for Mar
2) See how much you paid in federal income taxes
3) Realize that 55% of those taxes were consumed just by interest on the debt - no roads, military, social security, hospitals or schools - just interest
4) Laugh or cry

Interest on the federal debt FYTD is over half a trillion dollars, 36% higher than same time last FY and is exploding higher every time bonds and notes are rolled over or the current deficit is financed w/ new issuances at 4.5-5.5%...
We're in trouble...

Was asked why Treasury borrowing having more impact this year when deficit FYTD is the same '24/'23; Mar statement has answer: last FY, Yellen was drawing down the Treasury's cash balance, which reduced borrowing; this FY, market is taking the full brunt of absorbing the deficit:

Inflation – Why.
Over time, to avoid inflation, the money supply should grow at roughly the same rate as economic output. If the money supply grows significantly higher than output, that is inflationary as more dollars chase the same amount or fewer goods. During COVID, gov’t…

Powell is more concerned w/ “equity” than inflation? You don’t say…

10-year bond auction was horrific. E.J. Antoni, Ph.D. tells The Big Money Show we may have a big problem financing our debt if people aren't buying Treasuries at 4.5% yield

Someone pull Biden's mic or he will reveal just how 'independent' the Fed is

Market doesn’t want them, dealers don’t want them, Fed is rolling them off - no one’s left to buy what Yellen is selling…

BLS releases hot CPI and now ATL Fed revises down GDP nowcast...
Inflation: faster
Growth: slower
Say it w/ me: stagflation