And Now...The Rest of the (Inflation) Story! -

If you followed the headlines, you know that the June CPI report was even cooler than expected. This generated optimism that maybe, just maybe, the Fed is finally getting inflation under control. 
But there's more to the story.
In this episode of the Midweek Memo, host Mike Maharrey tells you the rest of the story, revealing that despite falling CPI, inflation is alive and well. On top of that, the good CPI news may green-light even more inflation. 
Mike also points out a very interesting trend in the gold market. Gold is up during Asian trading sessions through the first half of the year, even as the yellow metal sold off during North American sessions. What is this telling us? 
<div x-data=" item_id: undefined, view: null " x-html="view || 'Product-Random-Best'" x-init="view = await (await fetch('/shortcodes/product/random/best?category=all')).text()">!!–Product-Random-Best-All–!!</div>
Mike opens the show with a quote from the venerable Paul Harvey. 
<blockquote>
"When your outgo exceeds your income, the upshot may be your downfall."
</blockquote>
Mike remembers Paul Harvey as a staple on AM radio when he was growing up.
<blockquote>
"He was probably best-known for telling 'the rest of the story.' 
"Well, yesterday we got the CPI data for June. If you pay attention to financial news at all, I’m sure you heard. It was a great report. Well, today, I’m going to tell you the rest of the inflation story."
</blockquote>
Before digging into the inflation report, Mike highlights the recently released Monthly Treasury Statement. 
<blockquote>
"Speaking of outgo exceeding your income, the June Treasury statement. The deficit grew another $120 billion to bring the fiscal 2026 budget shortfall to nearly $1.37 trillion. And get this. The Trump administration spent $616 billion last month. That was 23 percent more than it spent in June last year. I know nobody really cares, but I figured it was at least worth noting. As I talk about on a regular basis here, this massive, ever-growing debt is one of the reasons the Fed isn’t going to be able to hold interest rates higher in the long run."
</blockquote>
However, as Mike notes, the June CPI data may help them build a case that inflation is whipped — again.
<blockquote>
"Because, you know, it was whipped a while back, but then Iran made oil prices go up – or at least that’s the narrative. Now, oil prices have come down, and the inflation picture looks a whole lot better. But as Paul Harvey would say, you need to know the rest of the story."
</blockquote>
The June CPI data came in even cooler than expected, and analysts were already anticipating a relatively cool print. Mike says that the news isn't as great as the headlines might suggest.
<blockquote>
"While price inflation has cooled dramatically, there is still plenty of inflation in the pipeline. And this better-than-expected CPI print may green-light even more inflation in the near future."
</blockquote>
But Mike concedes that if you only look at the CPI, the inflation picture looks pretty good. He breaks down the numbers, emphasizing that the plunge in the CPI was primarily due to falling energy prices. And while the data is better, price inflation remains well above the mythical 2 percent target.
On top of that, Mike reveals there is additional data that changes the inflation narrative significantly. 
<blockquote>
"The CPI doesn’t tell the entire inflation story. As already mentioned, inflation, <a href="https://www.moneymetals.com/news/2024/01/12/common-definition-of-inflation-you-hear-today-is-wrong-government-propaganda-002925">properly defined</a>, is an increase in the amount of money and credit. Rising consumer prices are one symptom of this monetary inflation. Based on the absence of this symptom, one might conclude that inflation is retreating. However, when we look at the money supply's trajectory, we find that inflation is on the rise."
</blockquote>
Mike breaks down the money supply data. He also reveals that the Fed is running <a href="https://youtu.be/ipaQAgOCJBk?si=L-qy3Xr2TiylOHzU" target="_blank" rel="noopener">quantitative easing (QE) operations</a> and that its balance sheet is increasing. That means the Fed is buying U.S. Treasuries with money created out of thin air. 
<blockquote>
"This is, by definition, inflation."
</blockquote>
On top of the inflation the central bank is already creating, the cooler CPI print creates a plausible argument for cranking up the inflation machine even higher, especially if the economy shows signs of deterioration.
Mike says the bottom line is this isn't the time to celebrate inflation's demise. 
<blockquote>
"Absolutely enjoy the lower fuel prices. But remember, there is more inflation in the pipeline. One thing you can count on: the powers-that-be will relentlessly devalue your money – at least by the planned 10-plus percent every five years. As I often say, I won’t guarantee a lot, but I am comfortable guaranteeing that your dollar will be worth less a year from now than it is today. After all, that’s the stated plan, right? And it’s why you need to save in sound money – gold and silver."
</blockquote>
<div x-data=" item_id: undefined, view: null " x-html="view || 'Product-Random-Featured'" x-init="view = await (await fetch('/shortcodes/product/random/featured?category=all')).text()">!!–Product-Random-Featured-All–!!</div>
To wrap up the show, Mike notes an interesting dynamic in the global gold market. 
<blockquote>
"You know, when you watch the gold price all day, every day, you start to pick up on trends intuitively. Since gold corrected in January, I’ve noticed it often rises in the early morning and then drops as soon as the U.S. market opens. This would seem to indicate that demand for gold is generally stronger during Asian sessions and weaker in the West. Turns out that my perception is the reality."
</blockquote>
Mike points to World Gold Council data revealing that North American investors are driving the sell-offs, while Asian investors are buying the dips.
<blockquote>
"During Asian trading hours, gold was up 12.9 percent through the first six months of the year. During North American trading hours, the yellow metal was down 15 percent. European sessions split the difference, with gold falling modestly by 1.3 percent."
</blockquote>
Mike goes on to show that this trend has been in place for decades, noting two ramifications.
<blockquote>
"First, Asians love gold even as Western investors tend to spurn it. As a result, gold is flowing from the West to the East. As Americans sell the yellow metal, Asians take advantage of the price dips and gobble it up. Second, the data may hint at price manipulation by big Western banks."
</blockquote>
Mike suggests we might want to consider what Asian investors get that Westerners are missing. 
<blockquote>
"They tend to have a much better grasp on the role of gold as money and a store of wealth. Consider the fact that even poor people in India buy gold. According to a 2018 survey, 87 percent of Indian households owned some gold. Even households at the lowest income levels in India hold some of the yellow metal. According to the survey, more than 75 percent of families in the bottom 10 percent of income managed to buy some gold.
"It’s kind of mind-boggling that Americans don’t get it, given the constant currency debasement. But I suppose the programming has been successful. They’ve convinced everybody that gold is some ancient relic relegated to the annals of history. They also generally manage to devalue the dollar slowly enough so you don’t blame them. But as I already said, they’re not going to stop. The money printing will continue."
</blockquote>
That leads to Mike's call to action – call 800-800-1865 today and buy some gold or silver!
<h2>Articles Mentioned During the Show</h2>
<a href="https://www.moneymetals.com/news/2026/07/02/fed-chair-warshs-will-vs-economic-reality-005034">Fed Chair Walsh's Will vs. Economic Reality</a>
<a href="https://www.moneymetals.com/news/2026/07/13/golds-next-move-hinges-on-one-thing-005060">Gold's Next Move Hinges on One Thing</a>
<a href="https://www.moneymetals.com/news/2026/07/12/despite-bearish-near-term-gold-bulls-arent-down-and-out-005058">Despite Bearish Near-Term Gold Bulls Aren't Down and Out</a>
<a href="https://www.moneymetals.com/news/2026/07/11/ed-steer-why-gold-and-silver-are-ready-to-surge-005057">Ed Steer: Why Gold and Silver Are Ready to Surge</a>
<a href="https://www.moneymetals.com/news/2026/07/09/hong-kong-launches-gold-settlement-system-to-challenge-western-dominance-005050">Hong Kong Launches Gold Settlement System to Challenge Western Dominance</a>
<a href="https://www.moneymetals.com/news/2026/07/07/despite-correction-gold-remains-one-of-the-top-performing-assets-in-the-last-12-months-005046">Despite Correction, Gold Remains One of the Top-Performing Assets in the Last 12 Months</a>
<img src="https://www.moneymetals.com/uploads/content/lbma-gold-price-am-to-pm.png" width="600" height="441" class="mx-auto float-left p-3" alt="" style="float: left;" />





<img src="https://www.moneymetals.com/uploads/content/lbma-gold-price-pm-to-am.png" width="600" height="435" class="mx-auto float-left p-3" alt="" style="float: left;" />

Read The Original Article