The US government, from Biden to Trump, appears determined to escalate involvement in this conflict. However, as Rep. Thomas Massie noted, Red Sea shipping has minimal impact on the US economy.
About 600 tonnes of gold flowed into COMEX vaults in New York from December to February. Much of this gold came from London, but Singapore and Hong Kong also reported net outflows of about 70 tonnes.
The same inflation expectations hysteria the media is hyping was evident in the University of Michigan’s one-year and five-10-year expectations. And yet, we’ve seen scant follow-through in what the New York Fed has tracked via its Survey of Consumer Expectations.
