Energy's been the story — heating oil up 127%, crude up 77-80%. That's not just a chart move, that's real costs hitting businesses and consumers.
Meanwhile, gold down 4% while oil doubles? Classic reminder that gold isn't an inflation hedge — it's a fear hedge. When markets are functioning and energy's ripping, nobody needs the shiny rock.
Ag commodities mixed but mostly up. Wheat +31%, corn +12%. Food costs matter more than most people think when it comes to political stability and consumer spending power.
Lumber down 15%, coffee down 23% — both had massive runs before this period. Markets mean-revert. Always.
This kind of dispersion tells you more than any single headline number. Inflation isn't one thing. It's a messy mix of supply chains, weather, geopolitics, and demand shifts. Anyone giving you a simple story is selling something.
Meanwhile, gold down 4% while oil doubles? Classic reminder that gold isn't an inflation hedge — it's a fear hedge. When markets are functioning and energy's ripping, nobody needs the shiny rock.
Ag commodities mixed but mostly up. Wheat +31%, corn +12%. Food costs matter more than most people think when it comes to political stability and consumer spending power.
Lumber down 15%, coffee down 23% — both had massive runs before this period. Markets mean-revert. Always.
This kind of dispersion tells you more than any single headline number. Inflation isn't one thing. It's a messy mix of supply chains, weather, geopolitics, and demand shifts. Anyone giving you a simple story is selling something.