[jameslk]

When people talk about inflation, I don't think they're referring to just CPI, but asset inflation too. Things like equities, real estate, gold/silver/platinum, bitcoin, etc.

These have been outpacing CPI because they're levered by cheap debt, brought to you by central bank actions that keep rates low so governments can play the same levered games with their own runaway fiscal policies.

[fdr]

That's a lot of financial devices painted with a broad brush, and I think the charge that so may central banks are knuckled under with fiscal dominance is simply not sustainable. The ones that are, we tend to hear about.

Because there's a lot one could write about each of: equities, real estate, gold, silver, platinum (which have very different industrial exposures), and bitcoin, which have many price drivers.

So let's try something more parsimonious: what do you make of people, institutions, etc that bid on short and even long-dated sovereign debt around the globe, and come up the collective discovered price of, say...3.5%, annualized, for maturity in a month? https://www.treasurydirect.gov/auctions/announcements-data-r...