Stagflation? Not Likely

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In-Brief

• Happy Mother’s Day to all the moms!
• Wither Roe v. Wade and abortion rights? American voters split down the middle on whether to reverse or keep.
• Inflation is high and likely to stay that way throughout 2022. First quarter GDP was down 1.4% but 2^ndquarter US growth is strengthening.
• Putin has lost the first phase of the war in Ukraine and the war is transitioning to a second phase. The West is now sending heavier weapons to the Ukraine to counter Russian firepower. Europe is also greatly reducing its dependence on Russian energy.
• The US economy continues to be strong, with good job growth and just 3.6% unemployment.
• China’s economy is in deep trouble and probably in a recession.
• Much of the world, but not the US, except in limited food categories, is going to suffer extensive and dangerous food shortages this year and next.