April CPI Was 3.8 Percent and Stagflation Became Wall Streets Baseline Word
Energy drove 40% of the April gain, real wages turned negative, and three big shops put stagflation on their letterheads in the same news cycle.
Economy
The IEA Said It Will Take Until October Even If the War Ends Next Month
Paris put a date on the missing barrels, and it is five months from now even if Hormuz reopens in June.
Warsh Confirmed Fed Chair Fifty-Four to Forty-Five on a Stagflation Balance Sheet
He takes the chair Friday with CPI at 3.8% and a war premium in Brent; Powell stays on the Board as a rank-and-file governor.
China Quietly Told Its Banks to Stop Yuan Lending to Sanctioned Iranian Refineries
China's NFRA verbally told major banks May 7 to halt new yuan lending to five US-sanctioned teapot refineries including Hengli Dalian — existing loans intact, two days before Trump-Xi.
Brent Retraced to 105 as the Readout Arrived, the IEA Supply Math Did Not
The tape moved on the summit, the curve did not move on the missing barrels.
The Warsh Fed Takes Over Friday and the FOMC Clock Now Runs Against 3.8 Percent CPI
Kevin Warsh becomes Fed chair Friday on a 54-45 vote with Powell staying on the Board, and the first FOMC under Warsh meets against April CPI at 3.8 percent and a Brent war premium.