@jtoomim@cremieuxrecueil Last thing i will say: I dont accept the GHG equivalent framework I think its stupid thats why we are having this conversation. Because the only thing thats important to me and the human race in the real long term is the thermal equilibrium. Treat animals better i agree.
@jtoomim@cremieuxrecueil Alot of cow feed (depending one where you are) is litterally grass that cant be fed to other animals often places where you grow other crops economically. Should we stop feeding cows soy yes i agree. Also limit grains too much and they get upset stomachs.
@jtoomim@cremieuxrecueil I guess it depends whether you care more about short term, as in out life time, changes to the climate or about the long term impact. Also factory farming atleast when not necessary is bad for the animals. But a lot of especially beef production isn't factory farming.
@jtoomim@cremieuxrecueil Also you own chart agrees with me. Enteric is litterally more than half. Then you add manure. You have no idea what you are talking about.
@jtoomim@cremieuxrecueil Beef is not an issue either. It doesnt change the climate long term since part of the normal carbon cycle. Only burning things you dig up does.
@MortenStostad I mean yes wealth tax receipts increase but overall they topped in 2022. Which is kind of the point. https://t.co/BkksVwCsgk
You would need to make a real analysis to find the effect of the wealth tax and it would be hard to filter all the noise.
Another soft inflation report, with the exception of one outlier, and again very close to our nowcasts on headline inflation (within 1bp). Overall, this should be seen as further confirmation that inflation is not an immediate worry here.
The composition of the CPI print was slightly odd (and not particularly well aligned with our sub category data), but in any case it was another net soft surprise. Headline came in around 1bp above our forecast, but core was around 12bp firmer, driven by a huge increase in transportation services that we simply cannot reconcile with anything we see in the underlying data.
There are some incredibly strange moves in the parking and vehicle registration fees, something we have never seen anything close to before, and these are showing up under transportation services. We will investigate further, but as it stands, it looks off (see chart below).
At this point, roughly 70% of CPI reports have been softer than consensus since Liberation Day. Amusing, and as I wrote yesterday, it is becoming a theme. We are increasingly convinced that inflation forecasting has become a politicized arena within banks, given how stubbornly they have clung to the wrong bias throughout this period. We don't have such a bias at Nowcast IQ - we just let the numbers speak!