re: Inflation cools down significantly

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Any left to sell?

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SPR had 609.4 mmbbls November 5 2021 and has 396.2 mmbbls as of November 4 2022 indicating a 35% reduction in the SPR in one year

The commerical stockpile has actually increased int he last year from 435.1 mmbbls to 440.8 mmbbls, a 1% increase

U.S. Petroleum Balance Sheet, Week Ending 11/4/2022

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Excellent point. October inflation in 2021 was 6.2%. So it’s 7.7% above the rate that was 6.2% above Oct 2020.

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This is exactly correct. Year over Year is deceptive - especially going forward because inflation was increasing starting this time last year so all numbers going forward are going to drop a bit due to that - not that things are ACTUALLY slowing down.

I don't know why people are mainlining copium that the Fed is going to pivot - or why people keep looking at the CPI numbers.

EVERY SINGLE MEETING Chairman Powell is direct that the Fed is watching the PCE number (Personal Consumption Expenditures), not the CPI. Watch for the PCE numbers in a couple of weeks before even _discussing_ whether there will be a "pivot".

And I don't see a pivot any time soon. Last meeting, Chairman Powell was direct that consumers still had too much money (that's a quote). They're going to keep going until unemployment goes up to help remove consumer liquidity.