Inflation under Joe Biden remaining stubbornly high
[Editor's note: This story originally was published by the Daily Caller News Foundation.] By John Hugh DeMastri Daily Caller News Foundation Core prices increased 0.3% on a monthly basis in December, after growing 0.2% in November, as overall prices rose by 6.5% year-over-year, matching investor expectations as energy and gas prices declined, according to Bureau…
The post Inflation under Joe Biden remaining stubbornly high appeared first on WND.
(Unsplash)
[Editor's note: This story originally was published by the Daily Caller News Foundation.]
By John Hugh DeMastri
Daily Caller News Foundation
Core prices increased 0.3% on a monthly basis in December, after growing 0.2% in November, as overall prices rose by 6.5% year-over-year, matching investor expectations as energy and gas prices declined, according to Bureau of Labor Statistics (BLS) data released Thursday.
Overall, prices declined by 0.1% on a monthly basis in December, while “core prices,” a measure that discounts food and energy prices, climbed 5.7% year-over-year, matching investor expectations, the BLS reported in its monthly Consumer Price Index (CPI). After two back-to-back inflation readings that were lower than investor expectations in October and November, investors had hoped the Federal Reserve would further slow its pace of aggressive interest rate hikes designed to blunt inflation, MarketWatch reported.
Food prices were up 10.4% on a year-over-year basis in December, while energy prices continued to weigh on wallets, up 7.3% year-over-year despite plummeting 4.5% month-over-month, the BLS reported. The cost of shelter also outpaced inflation, growing by 7.5% year-over-year.
Expectations of a Fed “pivot” have been a point of contention between investors and asset managers, with major asset management firms like BlackRock and Fidelity warning customers in the past week that inflation and high interest rates are both likely to linger longer than markets currently seem to anticipate. Federal Reserve officials, for their part, have consistently made similar remarks, noting that they expect to hike interest rates past 5%, from their current range between 4% to 4.25%, according to MarketWatch.
*It’s U.S. #CPI Day! Here’s what to know:
-Dec. CPI Estimate: 6.5% Y/Y
-Nov. CPI: 7.1% Y/Y-Dec. Core CPI Estimate: 5.7% Y/Y
-Nov. Core CPI: 6.0% Y/Y-Time of Release: 8:30AM ET
*Source: @Investingcom
*Link: https://t.co/dBNNGi31bz$DIA $SPY $QQQ
— Jesse Cohen (@JesseCohenInv) January 12, 2023
“Inflation won’t quite go down the way people expected,” JPMorgan Chase CEO Jamie Dimon said Tuesday, according to The Wall Street Journal. Dimon anticipates that the Fed might raise rates as high as 6% to control inflation.
WND is now on Trump's Truth Social! Follow us @WNDNews
Although overall inflation has cooled significantly from its peak of 9.1% in June, it remains well above the Fed’s target of 2%, according to the WSJ. Core prices fell on a yearly basis for the third month in a row since setting a 40-year high of 6.6% in September, but at 5.7% remain incredibly elevated as prices continue to climb month-over-month.
The Fed expects that elevated interest rates will reduce economic demand and eventually cool a stubbornly hot labor market, raising unemployment from its current rate of roughly 3.5% to roughly 4.6% by the end of the year. Some economists have argued that a hot labor market and rising wages have helped feed inflation by increasing Americans’ income.
[Editor's note: This story originally was published by the Daily Caller News Foundation.]
EDITOR’S NOTE: The “Climate Change Cult.” The “Anti-Racism Cult.” The “Cult of Wokeness.” The “LGBTQ Cult” and its predatory offspring targeting America’s children, the “Transgender Cult.” The “Cult of Abortion.” The “COVID Cult.” The “Cult of Globalism.” “TikTok Cults.” Every month the list grows.
To right-thinking Americans attempting to make sense of a nation seemingly gone mad, it’s becoming increasingly clear that the irrational, deranged – and often demonic – leftwing political and cultural movements currently capturing the minds of millions of Americans are nothing short of full-fledged cults.
Although the high priesthood of all these leftwing religious cults – i.e., university professors, academics and other Marxist ideologues and activists – may be true believers, the people actually wielding REAL POWER do not believe any of it. To them, these leftwing cults conveniently serve to disguise and distract “the rabble” from what the leader class is REALLY up to, which is the pursuit of ever more power, wealth and glory for themselves, and a total transformation of America and the world.
All of this and much more is explored in a powerful, insightful and absolutely unique way in the latest issue of WND’s acclaimed monthly Whistleblower magazine, titled “HOLY WAR: Defeating the growing cult of leftism and its total war on Christianity.”
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
The post Inflation under Joe Biden remaining stubbornly high appeared first on WND.