Stagflation? Not Likely

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In-Brief

• Inflation is high and likely to stay that way throughout 2022. First quarter GDP was down 1.4% but a quick positive rebound is likely.
• 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.
• The Biden administration is now subsidizing nuclear power plants in the US which were at the risk of closing. “Green” wind and solar power are unreliable. Nuclear power is reliable and necessary, as are fossil fuels.
• The US economy continues to be strong, as is its job market with just 3.6% unemployment.
• China’s economy is in deep trouble and probably in a recession.
• Much of the world, but not the US, is going to suffer extensive and dangerous food shortages this year and next.