In Episode 349 of The Higher Standard, Chris breaks down why cooling CPI doesn’t mean inflation is dead, why the Fed may be walking straight into a stagflation trap, and how a weakening jobs market, rising energy costs, Japan, the yen and a geopolitical oil shock are colliding at exactly the wrong time. From the 1970s and Volcker to CPI vs. PCE, shelter inflation, owners’ equivalent rent and the “ghost” hiding inside year-over-year inflation math, this episode explains why the next inflation print may already be partially baked in—and why the Fed’s September decision is becoming a choice between fighting prices it can’t control and crushing a labor market that may already be cracking. Macroeconomics, but without pretending beef and chicken are the same thing.

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🔗 Resources:

Inflation moved in the right direction in July (Chris Naghibi via X)

Japan’s Lost Decade - An Economic Disaster (Cold Fusion)

Inflation versus the G7 (Nathan C Jun via Instagram)

Consumer prices rose 0.1%$ in July, as expected, putting the annual rate at 3.4% (CNBC)

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