Echo of 'wage and price' controls/Earnings comments/Overseas data

Tomorrow I will only be sending out my Succinct Summation. 

I'll hit this quickly but when I hear a presidential candidate call for a federal ban on the price gouging of food and groceries, I remember my history lesson on the Nixon wage and price controls put in place in 1971 to combat that flair up in inflation. That set the table for the next leg higher in inflation. I also heard yesterday on tv the terms 'mission accomplished' with inflation and the 'inflation battle is done.' I believe that was also echoed a few times in the 1970's. I hope of course hope they are right this time and we will continue to see a slowdown in overall inflation but I'll say again, a sustainable low rate of inflation is when victory can be declared, not just seeing the downside of the inflation spike. 

From Walmart's press release:

"Sales reflected strength in transaction counts and unit volumes, across both stores and eCommerce channels. Value convenience proposition continues to resonate with customers and members; share gains across income cohorts primarily driven by upper-income households." I bolded for emphasis. 

"Inventory declined 2.6% while maintaining healthy in-stock levels."

Sam's Club comp growth was "led by food and health & wellness as well as increases in transactions and unit volumes."

To CNBC, the CFO said "We see, among our members and customers, that they remain choice, discerning, value-seeking, focusing on things like essentials rather than discretionary items...but importantly, we don't see any additional fraying...of consumer health."

Sports continues to be a bright spot in the US economy, especially seen with higher income spend. Madison Square Garden Sports, the owner of the Knicks and Rangers and a stock we own, said this on Tuesday on their earnings call: