The commodity price index soared yesterday to its highest level in eight years. Regular readers of the Hotline know that the CRB index – an index of 30-some commodities ranging from coal, to corn, to copper, to cotton – is a key lead indicator of where inflation is headed. The index hit 280 yesterday, which is 40% higher than its five year average.

Rome is burning and President Biden and Fed chairman Jerome Powell are fiddling.