* This is another big week for economic data; it is a holiday-shortened week * On Friday we get the big Non-Farm Payroll report * If it's a good number, somehow Donald Trump will try to take credit for it, as he has for the rise in the stock market * But I think that the job numbers, while maybe not bad just yet, but I think we will have a lot of problems with the non-farm payroll numbers in 2017 as the air starts coming 0ut of the part-time job bubble while Trump is in office * But we did get some economic news today, most importantly, the minutes from the last Federal Open Market Committee Meeting and * What do you know? The members of the FOMC are concerned that maybe, they're not optimistic enough when it comes to growth * Because of the stimulus packages that may be passed by Donald Trump, that they may be wrong, and that the economy could grow faster than they think * They also were worried that they might overshoot on the downside on unemployment * Unemployment could actually get even lower than what they thought * And therefore that ultra-low unemployment may put some upward pressure on inflation * Of course, this is all the Keynesian/Phillips Curve myth * That low levels of unemployment are what cause inflation * Ironically, it is the Federal Reserve that causes inflation and there is going to be * Consumer price increases that are the consequences of the inflation that the Fed has already created and that the Fed is going to create * In fact, if we do have a stimulus package that gets through Congress early in 2017 * That includes tax cuts and government spending increases which results in a larger deficit * The inflationary forces are not going to be the debt itself, but the Fed's willingness to accommodate those deficits with more aggressive monetary easing * In fact, the complexion of the FOMC is actually going to get more dovish next year as some of the so-called hawks, and of course, none of them are actually hawks, it's all degrees of dovishness * Some of the less dovish members will be leaving and will probably be replaced by members that are just as dovish as everybody else * So I think the Fed will be willing and able to accommodate these deficits * That is what is going to cause inflationOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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