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The housing bubble created some "pent-down" demand for industrial commodities (relative to food). Big shocker.
Source Data:
St. Louis Fed: Custom Chart
Friday: ISM Mfg, Vehicle Sales
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[image: Mortgage Rates] Note: Mortgage rates are from MortgageNewsDaily.com
and are for top tier scenarios.
Mortgage rates as of Monday (a little lower on ...
1 hour ago
2 comments:
I'm sure there was pent-down demand vs. food in the run up to the bubble pop. Notice that is levels out around 2000. I suggest that high oil prices as an input to food production will keep food inflation competitive with other commodities going forward.
This actually gives me an idea for another post, if I have time to get to it today.
Mr Slippery,
For what it is worth, I expect Great Recession II to put downward pressure on industrial commodities.
I just don't believe in the China story long-term.
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