More Inflation Ahead

January retail sales spiked by 3 percent, driven by inflation, as many consumers bought less but paid more.

January industrial production was unchanged following a downwardly revised 1 percent drop in December as capacity utilization sank to 78.3 percent. 

Spending more and producing less means higher prices.

The Swiss National Banks Admits Mistakes Made

The Chairman of the Swiss National Bank finally admitted that “with the benefit of hindsight monetary policy was a little bit too expansionary.” In reality, the monetary policy mistakes were clearly obvious in real time and they were far more than just "a little bit" excessive.

Bitcoin & Gold Are Rising For Different Reasons

Both Gold and Bitcoin are up in 2023, but they're rising for opposite reasons. Gold is rising as a hedge against inflation and a weaker U.S. Dollar, while Bitcoin is rising with other high-risk assets as speculators bet that a Federal Reserve pivot will cause a rally in 2022s biggest losers.