Investors appear to be shrugging off some rather worrisome inflation reports as stock indexes are little changed so far today.
But the news was pretty big, as not only was there a reported sharp increase in year-to-year inflation, but the jump was the biggest seen since Bush was president … and I mean the first George Bush, not the second. And with all the talk about electric cars of late, I found it interesting to see a Bloomberg note claiming inflation is also hitting the cost of electricity … which has seen the highest level of growth in over a decade. I just wonder how the movement (actual and forecasted) toward electric cars will affect the “grid.”
I venture a guess that if rising prices (other than the pump) are not shocking enough where they stand now, they will be in the coming weeks … as many might find Thanksgiving turkeys to be at a higher cost than we are used to. And that is where they are actually available. Do you remember that “supply chain” problem chatted about in recent weeks? This might become very evident as you rush out to pick up a turkey for the holiday and find your local store might be “out.” In fact, as soon as this note goes out I will probably place an order for a turkey from a local farm to ensure its availability.
I do apologize for beating a topic to death … but now the talk of the holidays, prices and availability have me thinking about Christmas. Prices seemed high last year for a tree. I assume this year (thanks to a labor situation in addition to delivery) we might find prices much higher.
Yes, things certainly have changed.
I was at the office yesterday and noticed the parking lot is relatively empty … so I took special notice to the included article below that claims only 28% of Manhattan workers are back in the office. Though this is expected to jump to 50% next year, I can’t help but wonder if this is strictly because of the virus or if people are just so much more comfortable being home that, when given this option, they just don’t want to come in. I remember when I worked in New York and the commute was about an hour and 15 minutes each way. To think I could have over 12 extra hours each week … would have made the home option quite tempting indeed.
That about sums it up for today. I was serious about starting to plan Thanksgiving now and order in advance … as just the thought of turkey, mashed potatoes, gravy and cranberries takes my mind away from work things for a moment and makes me being cooped up at home temporarily forgotten.
I’ll also spend time reading … but not the gun manual one of my readers, for some unknown reason, sent me. The manual on guns is definitely missing something
… as there is no troubleshooting section.
Have a great day,
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
Quick Look at the News
Inflation is jumping … and the year-to-year increase was the highest since the early days of the Bush administration. I mean the first Bush. That’s a long time (CNBC)https://www.cnbc.com/2021/11/10/consumer-price-index-october.html
… and this will make Thanksgiving a bit more costly … but there is another problem as some stores might be run out of turkeys due to a shortage (Vox)https://www.vox.com/the-goods/22770592/2021-thanksgiving-turkey-shortage-prices
… though other meats are being affected. Fortunately, I’ve cut down … but seeing the prices of steaks at Costco yesterday was shocking … and targeted to move higher still (CNN)https://www.cnn.com/2021/11/09/business/hot-dog-meat-inflation/index.html
It is not easy to just look at prices move up, shrug your shoulders and move on. Americans are increasing their debt load which, for some, might lead to an unpleasant tomorrow (CNN)https://www.cnn.com/2021/11/09/economy/fed-household-debt-inflation/index.html
Not everyone is a lover of crypto and … while some might be against it due to “missing out” … a number of people would like them banned due to environmental concerns (Bitcoin)https://news.bitcoin.com/uk-government-survey-shows-45-of-britons-would-ban-cryptocurrencies-for-environmental-reasons/
If you head to Manhattan lately you might find the streets a little less crowded, as just more than a quarter of workers are back in the office. More will come in but 2022 looks light also (CNBC)https://www.cnbc.com/2021/11/10/only-28percent-of-manhattan-workers-are-back-in-the-office-.html
We are hearing more and more about the “metaverse” and it so we won’t be completely baffled while hearing people talk about it … here is a quick review of what it is (USAToday)https://www.usatoday.com/story/tech/2021/11/10/metaverse-what-is-it-explained-facebook-microsoft-meta-vr/6337635001/
The statements above are supplied for educational purposes only. The statements depict the viewpoints and opinion of the author and are not necessarily the views of Emerald Asset Management or its affiliates. The information described herein is taken from sources which are believed to be reliable, but the accuracy and completeness of such information is not guaranteed by us.