Last week's letter was held within my goal of 15 pages or less. This keeps the letter writer from burning out and allows readers not to have to work too hard to make sense of things. Well this week we relapsed into a 24 page affair and frankly I could have kept going. That is because of all the balls up in the air as a result of last week's very interesting activity.
Among many other things, we use the Federal Reserve's own data to hang 'em with regard to inflation (both its creation and its effects) and call b/s on Goldilocks.
I'll try to compact things once again next week, but for now I find 177 helpful upon final re-read and I am sure it will help me tomorrow morning as I read it again to get an even clearer picture of what I think. I like this letter. I think it is doing its job with regard to defining what is in play on the macro.
NFTRH177 out now.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: No positions mentioned.