May. 7 at 6:48 PM
$GLD $JNUG $SLV $B $GDX
Bessent:
“We’re in constant touch with the banks and the credit card companies, and they’re saying that all quintiles of the distribution group are very strong.”
MARIA:
“So Kevin, what kind of a jobs picture are you expecting for the rest of the year then?”
KEVIN:
“It’s going to be very, very strong, and I agree with what the Secretary said. But I want to add some color to it.
About 25 million people benefited from no tax on tips. The average benefit was
$7,000. About 25 million people benefited from no tax on Social Security. That also was about a
$7,000 benefit — they get to deduct
$7,000. So the consumer is really, really firing on all cylinders, just like the corporate sector you’re seeing in the earnings reports. And they’re doing that because they have so much more money in their pockets.”
The hard truth is revenue growth has been driven more by higher prices than by selling more goods. M2 growth + credit growth = inflation
https://youtu.be/rbXTTjymqjo?si=YU5lEUHs-3PkvqUH&t=275
