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.