Today's CPI report shows that inflation - despite the respite from gasoline and other commodities - has become more widespread and is actually accelerating for most non-energy items.
As I have been noting recently, the Fed's efforts to restrain the economy have shown no results yet - with the exception of a pause/minor retreat in the house price boom - and as a result, volatility (which equals uncertainty, not declines!!) will rule and investors will have to come to grips with that for the near-term future.
It's clear from all the happy talk I keep reading in the WSJ and from other cheerleaders that the reality of the inflation struggle hasn't yet been internalized in the investing environment..
