We found rampant asset inflation around most every corner. Frankly, it was not difficult to find. The Fed either needs to re-tool its definition of inflation or be transparent about the fact that it is working diligently to promote the wealth effect.

Here are a few asset bubbles as measured from the market trough in mid-March through November 9th. All are well above the Fed’s 2% average inflation target:

• NASDAQ Composite Index (IXIC): 70%
• S&P 500 Index: 59%
• Russell 2000 Index (RUT): 68%
• S&P/Case-Shiller U.S. National Home Price Index: 4%
• Bitcoin (BTC): 209%
• Federal Reserve Assets: 67%
• Manheim Used Vehicle Value Index: 29%
• Gasoline Index: 16%

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