Excerpt from Politico's Morning Money, "White House allies push back on inflation narrative"

By BEN WHITE and AUBREE ELIZA WEAVER - 06/15/2021

People close to the White House are pushing back pretty hard on the idea that rising prices across the economy are indicative of a longer-term trend that could upend President Biden’s agenda and require quick action from the Fed.

And some money managers are pointing to the lumber story as well as indicative that inflation freak outs are not really warranted.

Cumberland’s David Kotok emails MM: “Lumber surged. Crowd shouted ‘inflation’. Lumber plunged. Did you hear ‘deflation’? Watch used car prices flatten and roll over. Watch oil/gasoline. Trimmed mean gap is key to observing ‘transitory’ or trajectory upward.

Read the full newsletter here: https://www.politico.com/newsletters/morning-money/

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