Inflation Fears Push Markets To Fresh Highs

It’s up, up, and away.

The S&P 500 Index climbed 0.2% Friday, rising for its sixth week in a row, as news of rising strong retail sales and record growth figures in China (GDP up 18.3%) are making investors think the bull market will never stop.

Maybe it won’t. MAYBE with the Fed pulling all the strings (and Biden spending like a drunken sailor,) MAYBE our government will artificially help fuel more upside through 2024 (when the Fed will reconsider rates and maybe even raise them for the first time in what will be years.)

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So good. If that’s the case (and barring any systemic crisis, I believe it will be at least for the foreseeable future) then, you WANT to be invested. Because, if you’re not invested? If you’re saving all your money under your mattress? Then you will face serious risks from INFLATION. All those dollars you’re saving won’t mean much if the cost of coffee is $35 a cup.


Indeed, the U.S. dollar is down again on Friday, suggesting a potential loss of confidence in the Fed’s ability to control inflation. Meanwhile, recent economic data points show prices are going up. And, my prediction is — they’ll keep going up.

The Bloomberg Dollar Spot Index fell 0.1%, while the yield on 10-year yield Treasuries declined one basis point to 1.57%. As the Dollar slipped, commodities predictably increased in value. Crude oil gained 0.1% and gold increased by 1% to $1,781.48 an ounce. I suspect it’s next stop $1800.

Bitcoin and other cryptocurrencies, on the other hand, were hit by news that Turkey intends to ban crypto payments. Bitcoin slipped by 4%.

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