Inflation In New Cars

Despite reporting falling sales, General Motors (GM) reported that average selling prices rose to $47,467, a 20 percent increase over the past year. That's ten times the Fed's official 2% inflation target. If prices rise another 20 percent this year, the average new General Motors (GM) car will set you back $57,000. Thanks to the Federal Reserve.

There Is Nothing Transitory About This Inflation!

For the ninth consecutive month, producer prices rose more than expected. The .7% jump resulted in a 8.3% year-on-year (YOY) gain. 

Excluding food and energy the rise was 7.3 percent! So far in 2021 the PPI is up 7 percent. Annualized the rise equates to 10.5 percent. There is nothing transitory about this inflation!

Bitcoin: Horrible Technicals

Horrible week technically for Bitcoin. GBTC had an outside reversal week. It took out the prior week's high, then closed below the prior week's low. The pattern may repeat on a monthly chart too. GBTC already took out the August high. Now it just needs to closed below the August low.