CPI Hits 3.3%, Consumer Sentiment Hits Record Low — Stagflation Is Here
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 11 April 2026
⏱️ 45 minutes
🧾️ Download transcript
Summary
CPI triples to 0.9%, consumer sentiment hits an all-time low, and the Fed is quietly running QE — stagflation isn't coming, it's here.
Gold ended the week at $4,745 with silver at $75.76 and mining stocks up 5%, all buoyed by the Taco Tuesday ceasefire that sent markets surging mid-week. Peter Schiff argues the ceasefire is a win for Iran and that Trump was looking for a way out of threats he could never carry out — but the real story is the inflation data.
March CPI came in at 0.9% month-over-month, tripling February's reading and pushing year-over-year inflation to 3.3%. The Fed's balance sheet has quietly expanded by nearly $200 billion in 2026 — quantitative easing in everything but name. Q4 GDP was revised down to 0.5%, making 2025's full-year growth just 2.1% — lower than any year under Biden. Consumer sentiment plunged to 47.6, the lowest reading in the history of the survey. Schiff connects the dots: M2 money supply growing at 5%, a proposed 50% defense budget increase, and a Fed that will be forced to cut rates regardless of inflation all point to a stagflation environment where gold and silver are headed substantially higher.
Chapters:
00:00 Ceasefire and Market Mood
15:20 Inflation Data and Fed QE
23:14 Inflation Not The War
38:46 Stagflation Bull Case
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Transcript
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| 0:00.0 | This is Peter Schiff back again for the Schiff Gold Friday market wrap. |
| 0:06.0 | And it was a positive week for the precious metals. |
| 0:11.4 | The big catalyst for all markets was the rally on the Wednesday that followed Taco Tuesday. |
| 0:21.1 | Taco Tuesday because that's when Donald Trump, |
| 0:25.1 | at just before the 8 p.m. deadline, |
| 0:29.8 | announced a two-week pause, a ceasefire to stop the spread of the war, |
| 0:36.2 | hopefully to reopen the Gulf. |
| 0:38.7 | But I think that Trump was basically looking for a way out of the jail that he put himself in |
| 0:45.5 | because there was no way for him to carry out his threat to end the Iranian civilization, |
| 0:53.0 | never to return to rain hell down on Iran. |
| 0:57.5 | There's just no way that he could have done that. |
| 0:59.6 | I wish he hadn't even made that threat, especially knowing that he couldn't carry it out. |
| 1:06.5 | So he was looking for a way out, and he found one in this ceasefire. |
| 1:12.2 | But of course, to hear the president frame it, it's a huge victory for the U.S. |
| 1:18.8 | But from a rational perspective, it's a victory for Iran, number one, because Iranian civilization did not come to an end. |
| 1:27.2 | Hell was not rained down on Iran. |
| 1:30.1 | The bridges and the power plants were not bombed, so that's a win for them. |
| 1:35.8 | But I think they're in a more powerful negotiating position now that it's pretty apparent |
| 1:40.7 | that Donald Trump is looking for a way to end this war. |
| 1:44.2 | And I think it's going to end on terms that are a lot more favorable to Iran than a lot of |
| 1:51.3 | people would have believed when the war started. |
| 1:54.8 | But I think it doesn't really matter about, you know, how much improved the Iranian position may end up at the end of this? |
... |
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