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Weekend Update! US Gasoline Tops $5 (Highest In History), 2Y Treasury Yields Soaring, Mortgage Rates Highest Since 2008 (Inflation Tax Costing Households $5,200 More YoY)
Confounded Interest ^ | 06/11/2022 | Anthony B. Sanders

Posted on 06/11/2022 8:13:07 AM PDT by Browns Ultra Fan

Up, up and away in our inflationary balloon!

Regular gasoline prices have breached the $5 a gallon barrier, the highest in recorded history. And it is even worse in states like California where regular gas prices have been above $7 per gallon.

Bankrate’s 30-year mortgage rate is now 5.78%, the highest since 2008. And rising really fast as The Fed tightens the monetary noose.

Speaking of noose tightening, the 2-year US Treasury Note yield is rising awfully fast.

The US Treasury 10Y-2Y curve slope just flattened to 8.819 bps and challenging the 0% grade awfully fast.

The US Dollar is soaring as US inflation soars, consumer purchasing power (green line) collapses along with M2 Money Velocity.

There is little doubt that soaring inflation, gasoline and food prices have hurt Biden’s popularity as well as the Democrats popularity ahead of the upcoming mid-year elections. People for the most part vote with their wallets.

According to estimates by Bloomberg Economics, US households will spend $5,200 more this year than they did last year on the same consumption basket.

That breaks down to $433 extra in expenditures every single month. That is what is called “the inflation tax.” And it hurts.

Call this The Inflation Tax Blues.

(Excerpt) Read more at confoundedinterest.net ...


TOPICS: Business/Economy; Food; Government; Politics
KEYWORDS: biden; blogpimp; gasoline; inflation; tax
Great charts. Too bad they are depressing.
1 posted on 06/11/2022 8:13:07 AM PDT by Browns Ultra Fan
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Hope for spare Change


2 posted on 06/11/2022 8:14:30 AM PDT by dsrtsage ( Complexity is just simple lacking imagination)
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To: Browns Ultra Fan

“as The Fed tightens the monetary noose”

The Federa Reserve is merely allowing the mortgage market to function more as a free market.

In a 10% inflation rate environment, to maintain buying power after paying income tax the typical retiree would need to get about 11.5% return on his/her savings.

Mortgage money is cheap considering Biden-level inflation.


3 posted on 06/11/2022 8:24:58 AM PDT by Brian Griffin
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To: Browns Ultra Fan

On the bright side for our little kiddies, about $8000 per year [~$80,000 national debt per American x 10%] of the national debt is effectively being erased by Biden inflation.


4 posted on 06/11/2022 8:28:24 AM PDT by Brian Griffin
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To: Browns Ultra Fan

Brandon built it.


5 posted on 06/11/2022 8:37:59 AM PDT by bgill (Which came first, the vax or the virus?)
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To: Browns Ultra Fan

I recently read that the governor of Pennsylvania wants to send everyone in the state $2000 to help offset the rise in prices. Just how dumb is this guy? More money chasing fewer goods = more inflation.

But, wait The PA governor, Tom Wolf, is a Democrat. For a Democrat, it’s all about what feels good at the moment. So I guess Wolf is just doing what comes naturally.


6 posted on 06/11/2022 8:38:54 AM PDT by Leaning Right (The steal is real.)
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To: Browns Ultra Fan

FJB


7 posted on 06/11/2022 8:45:50 AM PDT by lgjhn23 (Pray for America....)
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To: Browns Ultra Fan

There was a time when America was still America where democrats would have joined republicans in impeaching this scumbag’s ass for the debacle he caused.


8 posted on 06/11/2022 8:54:40 AM PDT by Bonemaker (invictus maneo)
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To: Bonemaker

Somebody in Biden’s inner circle is pretty darn smart. By choosing Harris as VP, they checked off the Woman and Person-of-Color boxes.

Plus, deep down everyone knows that as bad as Biden is, a President Harris would be much worse. So in a way, Harris is impeachment insurance for Biden.

I’d like to see Biden impeached anyway. It would send the right message. And since Biden wouldn’t be convicted in the Senate, we’d avoid a President Harris.


9 posted on 06/11/2022 9:16:25 AM PDT by Leaning Right (The steal is real.)
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To: Browns Ultra Fan

As bad as the US economy is, it’s 10x worse for Japan and Europe. The over financialization of the Western Ponzi scheme is coming to an end with dire consequences. The incompetency of the Biden administration is beyond belief.

The sanctions have hurt the West far more than they’ve hurt Russia. Russia is selling less oil & gas but because of the price increase, are making record profits. There’s no easy fix to this which is why the neocon/globalists seem intent on starting WW3. Only a strong public backlash from the public in both the US and Europe will be able to stop this from happening.


10 posted on 06/11/2022 9:18:35 AM PDT by jimwatx
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To: Browns Ultra Fan
Trump in 2020: 'If Biden' Becomes President, You'll Pay $7 For a Gallon of Gas By Michael W. Chapman | March 8, 2022 | 1:53pm EST

(CNS News.com) -- During a campaign stop on Nov. 2, 2020, then-President Donald Trump touted the low gasoline prices of the time and warned that if Joe Biden became president, Americans would end up paying $7, $8, even $9 a gallon.

Trump also said that, in response to those high gas prices, the Biden administration would tell people to get rid of their cars.

"It's an incredible thing that's happened over the last few years, a lot of great things," said Trump. "And you’re paying, what, $2 a gallon for your gasoline? That’s okay."

Trump in 2020: 'If Biden' Becomes President, You'll Pay $7 For a Gallon of Gas By Michael W. Chapman | March 8, 2022 | 1:53pm EST

(CNS News.com) -- During a campaign stop on Nov. 2, 2020, then-President Donald Trump touted the low gasoline prices of the time and warned that if Joe Biden became president, Americans would end up paying $7, $8, even $9 a gallon.

Trump also said that, in response to those high gas prices, the Biden administration would tell people to get rid of their cars.

Their administration would then tell people to get rid of their cars.

"It's an incredible thing that's happened over the last few years, a lot of great things," said Trump. "And you’re paying, what, $2 a gallon for your gasoline? That’s okay."

Biden Administration To Provide Grief Counselors At All Gas Pumps

The Babylon Bee ^ | June 10, 2022


11 posted on 06/11/2022 9:22:28 AM PDT by Grampa Dave (Has anyone, recently, seen a Biden sticker on any vehicle and in particular at/in a gas station!!!)
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To: jimwatx

“The incompetency of the Biden administration is beyond belief”.

Please tell me you are not serious. Biden and his handlers are very good at what they are intentionally doing.


12 posted on 06/11/2022 9:31:58 AM PDT by laplata (They want each crisis to take the greatest toll possible.)
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To: laplata

They may have planned this destruction as a prelude to their ‘great reset’, but I think they underestimated Russia’s economic resiliency. We seem to be heading towards a bipolar world, with the dollar as a reserve currency on its last legs. If they wanted to cut Russian energy out of the picture they should have prepared for it by ramping up US exploration and production, but instead did the exact opposite, leaving Russia in the driver’s seat.

They thought they could bully China, India, Brazil, and third world countries to get onboard with their plans, but things are not working out that way. They might achieve their intended economic destruction, but I doubt the ‘great reset’ they envisioned will materialize in the way that they planned.


13 posted on 06/11/2022 9:55:46 AM PDT by jimwatx
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To: Browns Ultra Fan

Filled up yesterday. $100.00! Yup, a HUNDRED BUCKS. (and that is with my 10 cent member discount)


14 posted on 06/11/2022 10:23:05 AM PDT by faucetman (Just the facts, ma'am, Just the facts )
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To: jimwatx

You make excellent points, and you have a good grasp on what’s happening.

I see what you meant by being incompetent. Good clarification.

We can hope that their great reset falls apart completely.


15 posted on 06/11/2022 10:46:48 AM PDT by laplata (They want each crisis to take the greatest toll possible.)
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To: Browns Ultra Fan

When will these rate increases reflect in my savings accounts? < /sarc >


16 posted on 06/11/2022 10:58:36 AM PDT by JimRed (TERM LIMITS, NOW! Militia to the border! TRUTH is the new HATE SPEECH.)
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To: faucetman

Rationing is coming.
I saw a sign at a Kroger fuel center.

35 gallon limit
*25 gallon limit in certain areas due to local jurisdiction
Credit card limit $150.

In a short time those limits will get tighter.


17 posted on 06/22/2022 10:50:51 AM PDT by Texas resident ( Let's Go Brandon)
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To: Browns Ultra Fan

📌


18 posted on 06/22/2022 10:52:20 AM PDT by Varsity Flight ( "War by the prophesies set before you." I Timothy 1:18)
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