The Cleveland Fed’s CPI nowcast has reached the highest level in three years. Fed futes now believe by next July there is a 75% chance of one or more rate hikes. Gas prices remain ATH’s despite falling oil prices

We are trapped in a cycle where the cost of living keeps climbing while the central bank pretends they have the situation under control. They keep talking about “transitory” issues while the grocery bill and the gas pump tell us the real story: our currency is losing its punch, and they are out of tools to stop it.