Core inflation rate hit 3.2% in March as first-quarter growth disappointed at 2%

Core PCE came out this week at 3.2%, headline at 3.5%, gas above $4, and federal spending up 9.3%. This very much feels like the calm before the storm on consumer prices. The Strait of Hormuz is still effectively closed, and the consensus among folks I spoke with this week at the Bitcoin Conference in Las Vegas is that a consumer price and food price crisis is on the horizon later this year.

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