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Well the markets had a second day on Friday to react to the surprisingly bad, much worse

than expected inflation numbers that we got on Thursday.

May CPI vastly exceeding expectations, the headline number coming in 50% above expectations.

And the core coming in 75% above expectations.

We've got year over year headline CPI at 5% if you annualize the first five months of

the year.

We're running at 6.5% for 2021.

If you just annualize the last month, I think we're at 7.5%.

These are very bad numbers.

The numbers are much worse than expected.

And what these numbers really should have done was cast some serious doubt on the idea

that this inflation is transitory.

After all, we've got five consecutive months in 2021 where the inflation numbers have

come out hotter than all of the experts were anticipating.

Yet those same experts not only are continuing to hold on to this fantasy that what we're

seeing is transitory.

But the fact is that this worse than expected inflation report seems to have reinforced that

...