I won't fill this with the vast variety of world-wide news stories stretching back over the past six months (easily accessible by Googling the words 'panama canal global warming'), but the stories all support the fact that climate change (global warming) is reducing the water available to the Panama Canal, which in turn is reducing thee number of ships allowed to proceed through it. This in turn is increasing the backlog of ships waiting to enter the Canal.

This reduces the supply of the vast amount of goods destined to the US which passes through the Canal and which will likely increase prices - and therefore increase inflationary pressure. As the El Ninyo weather pattern is expected next year, this is expected to exacerbate the problem.

A butterfly flapping its wings in Beijing affects the weather in NYC.

Jeff