“When business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident.”
– Ronald Reagan
The Through Line: After years of being so low it could largely be ignored, inflation is once again headline news. This week’s readings of several key yardsticks, plus a bevy of bank earnings and more tariff news, give us the perfect opportunity to do a deeper dive into the topic – outlining what matters, what doesn’t and how best to interpret the impacts on economic activity.
To read the full report, click here.
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