Posted on 05/31/2022 3:53:47 AM PDT by John W
President Joe Biden is set to meet with Federal Reserve Chair Jerome Powell on Tuesday to discuss the state of the economy. The central bank is currently battling decades-high Inflation.
The meeting will be the first time the two have met since Biden announced Powell’s re-election as chair in November. The Senate confirmed Powell to the position in early May.
Inflation, as measured by the consumer price index, has shown some signs of a slowdown. Total consumer prices rose 0.6% in April, a decline from March’s 1.2% increase. Year over year, prices rose 8.3% in April, down from 8.5% in March, which was the highest annual pace in four decades.
But there are still signs that inflation hasn’t peaked. Core CPI, which excludes the volatile energy and food segments, rose 0.6% in April, following a 0.3% increase in March.
To combat rising prices, the Fed plans to continue raising interest rates.
(Excerpt) Read more at barrons.com ...
Oh, good.............
“President Joe Biden is set to meet with Federal Reserve Chair Jerome Powell on Tuesday”
And on Wed. will have forgotten that he had the meeting.
We’re hosed.
The guys who broke it, caused hyperinflation and added $trillions to the US debt are going to talk about fixing it?
yeah sparks will fly (sarc)
Hey Janet what are you doing here? funny I asked the same question of you, end of meeting
And you folks who were going to buy a car or house...You can thank Brandon for the new rates...
They both need their scapegoat - “Ultra-MAGA” Trump will be it!
“I came to bury Caesar, not to praise him”….?
Big whoop. Is the meeting to see how much worse they can make it?
Joe: “Right on target, wouldn’t you say? Ice cream time!”
[We’re hosed.]
Only in a Jimmy Carter plus 2008 kinda way...
And that trash is leader of the free world till at least '24. I guess the free world is in for hard(er) times.
Oh this will be worse, much worse. Most people didn’t have credit cards back in the 1970’s. Let alone multiple credit cards. What that means is people are ‘living’ on credit cards. High interest rates only exacerbate the problem.
The Fed is in real trouble here. Consumers are experiencing hyperinflation and using credit to keep up. Inflating the interest rates doesn’t help the average consumer at this point.
I am more convinced every day that the Fed doesn’t need to continue to raise rates.
What needs to happen is severe government policy reversals.
What needs to happen is supply chain resolutions.
What needs to happen is correction to the food and farming that is under stress.
Supply and demand. I am not convinced demand side is the issue here. The issue is the supply side. And the only way to solve that is to incentivize business to come back or restart here in America. (Funny, that is what President Trump was trying to do.) A service based economy is not going to solve this.
Government policy MUST change.
They want us all to drive electric cars...hell, they cannot even keep the electric grid up this summer. And that is just one example of failed policy.
PERSONAL FINANCE
Consumer credit card debt and annual percentage rates are heading to an all-time high
https://www.cnbc.com/2022/05/10/consumer-credit-card-debt-near-an-all-time-high.html
Credit card balances rose year over year, reaching $841 billion in the first three months of 2022, according to data released Tuesday from the Federal Reserve Bank of New York.
Although balances fell slightly from where they stood at the end of 2021 following the peak holiday shopping season, they are expected to keep going up from here, according to researchers at the New York Fed.
“There’s a good chance that Americans’ total credit card balances will soon reach a new record high, marking a sharp reversal from the precipitous drop that occurred in 2020 and early 2021,” said Ted Rossman, a senior industry analyst at CreditCards.com.
The inflation, especially this year, is incredible
Yes, ...battling.
I think they meant CAUSING.
Thank God the economy is in the hands of capable competents like biden
Supply and demand. I am not convinced demand side is the issue here. The issue is the supply side.
—
For decades, leftists have disparaged supply-side economics. However, we just experienced massive proof that demand-side (e.g. money printing) doesn’t spur supply, but it does spur inflation.
Can anyone remember the late seventies when the government overshot their estimates on inflation and jacked the interestrates? Their high interest policy stalled and crashed the American economy in America AND the developed economies of the world.
Today’s inflation the world sees is rooted in American policy.
It doesn’t help that Obama’s policy carried on by Biden is about debasing the American dollar precipitating a collapse of America. Collapse America and you collapse the world.
Fools, Marxist Muslim children like that should never have the keys to America.
I guess Powell told Joe there’d be ice cream cones.....
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