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The meat giant says its average beef prices climbed by one-third in its most recent quarter. “The inflation we incur needs to be passed on,” its CFO says.
Rent for Single-Family Homes Skyrocket 10% in September, Boosted by Pricey For-Sale MarketNov 16, 2021 - 11:51:00 PST
Rents for single-family homes are soaring, as a pricey for-sale market keeps more potential buyers in rentals.
Treasury Secretary Janet Yellen said she’ll be updating Congress “within the next day or two” on how long lawmakers have to raise or suspend the debt limit before the government runs out of cash.
Federal Reserve Bank of St. Louis President James Bullard said the central bank should speed up its reduction of monetary stimulus in response to a surge in U.S. inflation.
With inflation running at over 6 percent and interest rates on savings near zero, the Federal Reserve is delivering a negative 6 percent real (inflation-adjusted) return on trillions of dollars in savings. This is effectively expropriating American savers’ nest eggs at the rate of 6 percent a year. It is not only a problem in 2021...
Nov 16, 2021 - 07:56:56 PST
President Biden wanted to go big, essentially loading B-52s with cash and carpet-bombing the country.
As American workers grapple with soaring inflation—the consumer price index rose 6.2 percent since last October, the largest single-year increase in 30 years—the Biden administration has a plan: spend lots of money.
Illegal Immigrants Would Get Up To $10.5 Billion From Reconciliation BillNov 16, 2021 - 07:50:02 PST
The budget reconciliation package pushed by Democrats creates a new expanded child tax credit (CTC) that would pay illegal immigrants some $10.5 billion next year. All immigrants with children are eligible, regardless of how they got here and whether their children are U.S.-born.
Nov 16, 2021 - 07:46:17 PST
President Joe Biden is finding out the hard way that nominees for high office actually need to be vetted by multiple competent people. That clearly did not happen with Biden’s nominee, Saule Omarosa, to head the Office of the Comptroller of the Currency (OCC), a federal agency that supervises national ...
WAll Street Bankers and Traders Are in Line for the Biggest Bonus Increases Since 2009Nov 16, 2021 - 07:43:47 PST
Wall Street is set to see the biggest bonus increases since the Great Recession after a busy and profitable 2021, according to a report from pay consultancy Johnson Associates.
With President Joe Biden set to announce his decision on the next Federal Reserve chair any day, the Fed is unlikely to release its much-anticipated report on central bank digital currencies before the end of the year, two people familiar with the matter tell MM.
The global market cap of cryptocurrencies has plunged around 10% in the past 24 hours to $2.7 trillion as Bitcoin plunged back below $60,000, hitting one-month lows before bouncing back modestly...
Central banks globally added 69 tons of gold to their reserves in the third quarter, according to data compiled by the World Gold Council. This contrasts with a net decrease in reserves of over 10 tons in Q3 2020.
Gold Futures Pop Higher Drawing Support from Higher Inflation in Much of the WorldNov 16, 2021 - 05:51:10 PST
“The price of the precious metal remains supported, despite the strengthening dollar, as inflation-related worries drive higher demand for the safe haven of gold,” wrote Ricardo Evangelista, senior analyst at ActivTrades, in a daily research note.
Total Household Debt Climbs to Over $15 Trillion in Q3 2021, Driven by New Extensions of Credit - Credit Card Balances Increase Again By $17 Billion In the Third Quarter of 2021...
Despite the plunge in buying attitudes, spending is soaring. However, it is crucial to remember that retail spending is ‘nominal' dollars not 'real' and thus spending could be driven as much by accelerating-inflation as by confidence. Additionally, anxiety over the supply chain issues ahead of Christmas may be pulling-forward sales.
“It’s dangerous,” Gross warned of accommodative central bank policy. “Those are all interest-backed dream lands that aren’t where they should be.”
Farmland values jumped 18% from a year ago during the third quarter of 2021 in the Seventh Federal Reserve District, a five-state region including all of Iowa and most of Illinois, Indiana, Michigan and Wisconsin, according to the Chicago Fed.
The October CPI numbers came in much higher than expected. In his podcast, Peter dug into the data juxtaposed with the official narrative that inflation is transitory. When you boil it all down, the only thing that is transitory is the Federal Reserve's credibility.
Surging inflation and expectations of a potentially more hawkish Federal Reserve are accelerating a rally in the U.S. dollar, buoying the currency to a near 16-month high against its peers and putting it on pace for its biggest annual gain in six years.