Some Actually Like It Hot

Friday’s inflation numbers are nothing but distressing for the Fed, Treasury, and the White House, exacerbating the political risks  to each of them which Karen Petrou detailed in a client memo earlier this month.  Anyone paying at the pump, grocery store, or rental office is also having no fun at all, but there are a few folks quietly enjoying themselves: Congressional Republicans.

Most of the action on Capitol Hill this week will revolve around Democrats trying to raise other issues or deflect blame and Republicans pushing back hard because inflation is proving to be a political game-changer very much in their favor.