On Powell's announcement, several commodities surged in price, with silver, gold, and copper performing especially well. Peter sees this as a repudiation of Powell's messaging:

"I think we're on the verge of the biggest bull market in commodities since the 1970s. Of course, this flies in the face of Powell claiming that inflation is going to go back down to two percent. There's no chance that inflation is going to go back down to two percent! All the data shows that inflation is on the way up. Plus, if you understand what inflation is, it has nowhere to go but up."

A hotter-than-expected Producer Price Index (PPI) report last week also contradicts Powell, with the PPI increasing from last month by more than twice the most conservative estimates. The PPI, in addition to a recently announced 13% federal deficit increase, does not bode well for the economy:

"This is why we have inflation. It's driving prices higher. All this money is being spent. How can it not bid up prices? This is why the Fed is not only going to taper the QT [quantitative tightening] program but go back to quantitative easing because government spending is going ballistic. And all of it is stoking the fires for inflation. … There's no downward pressure from five and a quarter, five and a half percent interest rates. Those rates are still too low."