The inflationists have been wrong on their calls for hyperinflation for decades. Jack obviously doesnt realize how the USD even works. Ironic consider there is a global USD shortage, not excess.

It took a total lockdown of the global supply chain to kick off the inflation we got. But, the whipsaw means that it will go the other way, and hard. You mention lumber which already deflated from its high of $1700. We also saw Iron Ore roll over and steel is starting to pull back. This is how deflation works.

Plus the numbers out of China are awful. That is going to spread to the rest of the world. When the largest exporter is slowing, do people not think that will not affect the largest importer at some point?

Inflation is a trailing indicator. One of the best indicators is the University of Michigan Consumer Sentiment. That is at record lows in terms of cars, housing and durable goods. It has been that way for months. And yet people were surprised at the crappy auto sales in September. Why? The sentiment was garbage for months. Chip issues? Most likely not. What people will not admit (at least the media) is there is a demand issue for cars.

People read headlines and do not look at data and the trends that are taking place.