Posted on 03/28/2022 6:16:48 AM PDT by Browns Ultra Fan
Inflation under President Biden (aka, Bidenflation) has hit 7.9%, the highest in 40 years. And no Joe, the inflation surge was well underway before Russia invaded Ukraine on February 24, 2022.
As The Federal Reserve is allegedly going to try to fight inflation by raising their target rate, the 30-year mortgage rate has risen from 2.88% on Biden’s inauguration to 4.56% today.
The surge in mortgage rates from 2.88% to 4.56% represents a 58.3% increase in mortgage rates under Biden. That translates to an increase in the 30-year fixed-rate mortgage (FRM) payment of 23%. Apparently Biden-Powell (not to be confused with Baden-Powell, the founder of the Boy Scouts) are not interested in keeping homes affordable for most Americans.
I summarize the predicament facing Americans in the following chart. Home prices were growing at a 19% YoY pace in December (Case-Shiller updates will be available tomorrow for January). Inflation is growing at 7.9% and M2 Money continues to grow.
US fertilizer prices are up 166% under Biden while regular gasoline prices are up 77% under Biden. But to be fair, fertilizer and gasoline prices jumped with Russia’s invasion of Ukraine. Fertilizer prices were up 66% under Biden BEFORE Russia invaded Ukraine and regular gasoline prices were up 50%.
Meanwhile, back at the fixed-income ranch, the US Treasury 10Y-2Y curve has flattened to 14.5 BPS as Fed Funds Futures signal 9 rate hikes over the coming year.
And the US Treasury 10Y-5Y curve continues to invert.
In short, Biden and Congress are anti-fossil fuel, pro-renewable energy helping to drive up energy prices and inflation PRIOR to Russia invading Ukraine. Powell and The Federal Reserve are trying to fight what Biden and Congress did with creating energy-related inflation.
(Excerpt) Read more at confoundedinterest.net ...
Inflation? We’ve already seen Biden’s team work through steps 1 - 3.
1. Ignore the problem.
2. Blame greedy producers and greedy hoarders.
3. Blame Putin.
4. Blame a resurgence of Covid.
5. Price controls!
Yup. We all “know” that policies put in place before PDJT left office were a trap for branDUHn and the real cause of the inflation. NOT! No way will they admit it’s their fault.
Time for Bidet’s Press Secretary (the entire MSM) to project/deflect to protect their reject.
I would say the Biden inflation and stolen election were the direct cause of the invasion.
Obama’s words ring true:”Leave it to Joe to F things up.”
Biden blames Putin and the media all agree.
All those people buying EVs will sell their EVs when the price of gas drops again unless the government bans Gasoline
Biden is a pig. Little Chrissy Wallace needs to leave America because the president doesn’t believe “da troof.”
Actually, I bought my first home in Carter’s America and I got it for 14%. That was a bargain. For the time.
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