BREAKING: Dec PPI inflation prints -5.9%.

Avg of 8 prints from 3 indexes over 3 months: 1.5%

Avg of 17 prints over 6 months: 1.3%

Got #transitory much?

https://fred.stlouisfed.org/graph/?g=YU63

@arindube: https://econtwitter.net/@arindube/109684222999080465

"Team #transitory got its unconditional forecast wrong, but got its conditional forecast right"

💯 No one predicted the full duration of the #pandemic & its multiple new variant waves, nor did they predict the global economic effects of the 🇺🇦 war.

But TT was correct that the #inflation was primarily a cross-national, war- & pandemic-induced phenomenon & not mainly caused by #Biden & the ARP, as you were told by The Oracle of Summer(s) & co. for over a year.

@arindube: https://econtwitter.net/@arindube/109684222999080465

"Team #transitory got its unconditional forecast wrong, but got its conditional forecast right"

💯 No one predicted the full duration of the #pandemic & its multiple new variant waves, nor did they predict the global economic effects of the 🇺🇦 war.

But TT was correct that the #inflation was primarily a cross-national, war- & pandemic-induced phenomenon & not caused by Joe Biden & the ARP, as you were told by The Oracle of Summer(s) & co. for over a year.

I mean, were the economic models really wrong? #Inflation is coming down - about a year later than people originally thought, sure, but again, no one predicted multiple subsequent COVID waves or the war in Europe - more or less exactly in line with the logic that "team #transitory" articulated way back in mid-2021. Shocks happen. International politics happens. I guess I just don't see the "track record is bad." And I <certainly> don't see Bayesian updating from Summers & co. on their theories 🤷‍♂️

@pkrugman Yes on good news & caution, though I don't love the symmetry here. A year ago, serious people were making good-faith arguments that the #inflation was (don't say it...) #transitory, an argument which has turned out largely to be true, once one factors in the unexpected duration of the pandemic & the Ukraine war no economist predicted

Perhaps some of the current pessimists are equally serious...the loudest ones, I'm afraid, don't really appear to be so. We should also acknowledge that.

Oil and gas prices plummet. #transitory #commoditymarkets #speculation https://gasbuddyguy.substack.com/p/gas-prices-plummet-ahead-of-thanksgiving?publication_id=1173467&post_id=85920790&triggerShare=true&isFreemail=true

Canceling #StudentDebt Will Not Raise #Inflation, Say the People Who Told You #Inflation Would Be #Transitory. https://chaunceyibrowniii.com/chaunceys-blog/f/biden-admin-leading-%E2%80%98through-wishcraft-rather-than-statecraft%E2%80%99

Rant of the day by Alison Steinberg. Remember the video that went viral "drive-thru no mask" now she works for OAN.
#news #Biden #OneAmericaNews #inflation #money #transitory #economy

RT @csidetrader
US TREASURY'S YELLEN SAYS FED HAS A PATH TO BRING DOWN INFLATION WITHOUT CAUSING A RECESSION

Brought to you by the same FED Heads who said inflation was #Transitory for over a year.

check out liberal media using lots of lube and easing it in real slow.
#transitory
"What Might Happen Next With Inflation (It’s Not Pretty) | HuffPost Latest News" https://www.huffpost.com/entry/joe-biden-inflation-recession_n_62069b7ee4b03230246a2574

@tout_court #Inflation is only #Transitory

@zleap
Thanks Paul.

Year of Fedi is a long year that spans more time than expected. Sort of like how the inflation is #transitory and should not last long.

Actually haha, that might be the new hashtag.

#theInflationOfFediverseIsTransitory

#theInflationIsTransitory #assetInflation #howVeryKeynesian

@PaulaToThePeople @humanetech

Markets concerned about #inflation not being #transitory following #pandemic

https://www.naturalnews.com/2021-10-15-transitory-inflation-not-actually-transitory.html