But his assurances notwithstanding, a lot of the data signals inflation. In his podcast, Peter went over some of the numbers and concluded that inflation isn't anchored at all. It's anchors aweigh. We are adrift in a sea of inflation.

Bond yields have continued to tick up this week. In fact, the yield on the 10-year Treasury topped 1.65% early Wednesday, hitting a new 13-month high. There has been some speculation that bond yields are going to at least pause, and possibly come down, but Peter doesn't think that will happen. He said the path of least resistance is up.

Other than the Fed coming to the party with a big new bond purchase program, there's just not enough buying. The amount of bonds the Fed is buying right now pales in comparison to what the Treasury is trying to sell and what the rest of the world wants to unload. So, I think this is just wishful thinking that interest rates are going to start rising."

Retail sales took a big plunge in February. January's already big stimulus-fueled gain was revised upward from 5.3% to 7.6%. So even more spending of government money went on in January than was previously estimated. But in February, retail sales fell 3%.

Really, it shows how much the spending slows down when you don't have government money to spend. Now, of course, there's a new round of checks that are going to be showing up in the mailbox or in people's accounts. So, that's probably going to spike the numbers."

Industrial production and manufacturing were both way down in February. Industrial production fell 2.2%. Meanwhile, manufacturing output charted a decline of 3.1%. Capacity utilization also contracted unexpectedly from 75.5 to 73.8.