Posted on 10/29/2021 9:48:22 AM PDT by MNJohnnie
Headline inflation, including food and energy, rose at a 4.4% annual rate in September, the fastest since 1991. Core inflation, which is the Fed’s preferred gauge, increased 3.6% for the 12 months, the same as in August but still also the fastest pace in 30 years. Personal income declined at a faster pace than expected while consumer spending increased and was in line with forecasts. Employment costs rose more than expected and at the fastest annual pace in 19 years.
(Excerpt) Read more at cnbc.com ...
Unexpected.
And the PCE the Fed uses is the worst calibrated measuring stick in the history of man. It would claim a foot is in an inch.
You know we will see a substantial rise in interest rates soon. That will be a big killer for the economy.
Meanwhile, Federal Reserve chair Jerome Powell admitted last week that the factors driving inflation—particularly the supply chain crisis—have not subsided as quickly as policymakers expected.
“The risks are clearly now to longer and more persistent bottlenecks and thus to higher inflation,” he said at a virtual event hosted by the South Africa Reserve Bank. “We now see higher inflation and the bottlenecks lasting well into next year.”
Powell said that while the Fed will start rolling back its $120 billion-per-month bond-buying program that was one of the measures meant to boost economic recovery from the pandemic, but that he doesn’t expect to move faster on raising interest
30 years my ***
The 70’s was 50 years ago. And this is worse.
Why do people here not see when they are being manipulated by clever propaganda? The fact that it is MSM should be everyone’s first clue.
Bookmark
The last time we saw inflation like this was Jimmy Carter.
I was out of work for four years.
It cratered real estate and construction across the country.
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