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Patrick Chovanec Profile picture
@prchovanec
Apr 15, 2021 • 5 tweets • 2 min read • Read on X
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US consumer prices (CPI) rose +0.6% m/m in March, up +2.6% from a year ago (up from +1.7% y/y in February).
Core CPI (excluding food and energy) rose +0.3% m/m in March, up a more modest +1.6% from a year ago (up from +1.3% y/y in February).
US consumer energy prices rose +5.0% m/m in March, up +13.2% from a year ago, when they started to see a steep plunge.
Looking at the absolute index of US consumer energy prices helps clarify trends:
US consumer food prices rose just +0.1% m/m in March, up +3.5% from a year ago, just before they started rising noticeably due to COVID-19.

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More from @prchovanec

Patrick Chovanec Profile picture
Sep 11
1. There are times when a thread makes so many important mistakes and feeds into so many misconceptions that it's worthwhile to address it point by point. My apologies.
2. It is true that Trump's tariffs against China were ostensibly imposed for the purpose of forcing China to alter it own unfair trade practices - in large part because the President's legal authority to levy special tariffs requires him to cite this as the reason.
3. However, it was unclear from the start what the "ask" was from China - what exactly the Trump Admin wanted China to do that would allow the tariffs to be lifted. And Trump repeatedly talked about tariffs being good and beneficial in their own right.
Read 20 tweets
Patrick Chovanec Profile picture
Jul 27
This is a fundamental misunderstanding of the problem. As someone who used to analyze and “summarize” these bills for Congress, let me explain …
The reason the bills are “mammoth” is that they includes hundreds, even thousands of legislative changes on a wide variety of unrelated topics. Basically a “bill of bills”.
Where AI could help us by offering some context to what these often small changes actually mean, in terms of policy. Often it’s hard to understand what changing “and” to “or” in Clause 81 of Title II refers to or the impact it could have.
Read 6 tweets
Patrick Chovanec Profile picture
Jul 15
George Bush was one of the youngest Navy pilots in WW2 and survived getting shot down and floating in the Pacific for four hours. His crew was killed, and his fellow pilots were captured, executed, and eaten - yes, eaten - by the Japanese.
Herbert Hoover survived a siege during the Boxer Rebellion in China, and coordinated efforts to feed millions of refugees during and after World War I.
John F. Kennedy's PT boat was cut in half at night by a Japanese destroyer. He dragged a badly burned crew member to deserted island, then repeatedly swam out past razor-sharp coral reefs to locate help.
Read 8 tweets
Patrick Chovanec Profile picture
Jul 9
I keep encountering the question "If Trump is really a wanna-be dictator, why didn't he do it during his first term? You're just fearmongering." I have three simple answers to this.
1) When Trump was first elected, he lacked confidence, and surrounded himself with more experienced people who were willing tell him no. Eventually either they quit or he fired them. He sees them now as traitors, and has surrounded himself with sycophants competing for his favor.
2) Initially, Trump (like any President) figured that if he really stepped over the line, Congress might impeach him, or his party might abandon him. He now knows that there is virtually nothing he could do that would cause them to do this.
Read 7 tweets
Patrick Chovanec Profile picture
Jul 9
I disagree. Study economics … and history, philosophy, science, literature, etc. Get a foundation so you know what it is you’re even criticizing.
The most revolutionary modern artists in the world had a solid training in more conventional art. It’s only because they did that they knew which rules needed breaking. They didn’t just start by ignorantly breaking rules.
Will education be wasted on students who unthinkingly accept and regurgitate whatever they’re taught? Sure, but that’s in every field.
Read 5 tweets
Patrick Chovanec Profile picture
Jul 4
The following is the address I wish President Biden would give for today, the Fourth of July.
"Fellow Americans, Happy Fourth of July. I hope you're out there cooking a BBQ or gathering with friends, and not thinking about politics or Washington DC. That is the strength of America - not the halls of power, but the communities where we live our lives."
"I've been spending some time lately with my friends and family, having some serious discussions. And I need to interrupt your Fourth of July to tell you some important conclusions we've reached."
Read 16 tweets

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