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Food prices are continuing to go up and there is no reprieve in sight. Food banks and store shelves are beginning to empty further as supplies dwindle and the costs soar.
Russia’s invasion of Ukraine is generating fresh headwinds that will choke the European economy, reveal official forecasts published today. Surging energy prices caused by concerns over supply security following Moscow sending troops into Ukraine are set to strain households and businesses on the Continent.
Powell Says He Can’t Guarantee a ‘Soft Landing’ As the Fed Looks To Control InflationMay 17, 2022 - 12:28:52 PDT
Federal Reserve Chairman Jerome Powell warned Thursday that getting inflation under control could cause some economic pain but remains his top priority.
May 17, 2022 - 12:16:33 PDT
But Congress will do what Congress does best – spend other people’s money. I, for one, will not. I will vote no. Somewhere, somehow a voice of fiscal sanity must remain vigilant, must remain stalwart and steady in a sea of fiscal madness.
Here's a key point that I mention every month: "Retail sales are adjusted for seasonal variation and holiday and trading-day differences, but not for price changes.” This month the CPI rose by 0.3 percent but sales rose by 0.9%. So even taking inflation into consideration, sales were on the hot side.
Powell Says the Fed Will Not Hesitate To Keep Raising Rates Until Inflation Comes DownMay 17, 2022 - 11:48:51 PDT
Federal Reserve Chairman Jerome Powell emphasized his resolve to get inflation down, saying Tuesday he will back interest rate increases until prices start falling back toward a healthy level.
Join Mike Maloney and Adam Taggart in today’s video update as they take an in-depth look at some of the insane policies being proposed in Washington to ‘battle inflation’. As viewers of Mike’s video series ‘Hidden Secrets of Money’ already know, they are most likely just going to add fuel to the fire of inflation. Buckle up.
Inflation Is the ‘Top Problem’ Facing America, With No Other Issue Coming Close: SurveyMay 17, 2022 - 11:19:29 PDT
Amid swelling prices, most Americans see inflation as the biggest issue facing the country — far exceeding other concerns, according to a survey.
Former Federal Reserve Chairman Ben Bernanke accused the current U.S. central bank leaders of waiting too long to address surging inflation, warning the economy faces a period of stagflation for the first time since the 1970s as a result.
May 17, 2022 - 11:09:38 PDT
Let’s get ready to stumble! Seriously, with soaring energy prices and soaring EVERYTHING prices (except for real wage growth), it is difficult to see how the US will avoid a recession. Yes, e…
Fed Chair Jay Powell joins WSJ’s Nick Timiraos (for 35 minutes) to discuss rising interest rates, the Fed's plan to address high inflation and the outlook for the U.S. economy and labor market, at the WSJ Future of Everything Festival.
May 17, 2022 - 09:40:49 PDT
This morning only eleven Senators - all Republican - voted against a MASSIVE giveaway to Ukraine, even as Americans suffer at home. Meanwhile, NATO assured Ukraine that its support is "open ended." War is coming closer...and now Finland and Sweden are about to enter the war mix. What could go wrong?
May 17, 2022 - 09:14:32 PDT
An attack would plunge the region into a broad, drawn-out war that could include direct attacks on the U.S., war game participants concluded.
US Treasury Secretary Janet Yellen said that Western democracies have become “too vulnerable” to countries that use their market positions as geopolitical leverage, and called for the United States and Europe to coordinate their approach towards China after having united against Russia.
Homebuilder Sentiment Slumps In May Amid "Growing Challenges" In Housing MarketMay 17, 2022 - 09:04:31 PDT
The NAHB survey of homebuilder sentiment fell for the 5th straight month in May to its lowest since June 2020... but has a long way to go to catch down to homebuyer sentiment...
Federal Reserve Chairman Jerome Powell battled a president who threatened to fire him, a once-in-a-century economic collapse, the uncertainty driven by COVID-19 and the high inflation it spurred during his first term leading the central bank.
"Where Agarwal and Kimball comment that the zero lower bound 'is not a law of nature, but a policy choice,' I suggest that the same is true about the need to fight an excess demand for money by cutting an interest rate instrument or target." ~ Lawrence H. White
California’s Gas Average Tops Record $6 per Gallon As Prices Across the U.S. SurgeMay 17, 2022 - 08:39:20 PDT
The average price at the pump in California hit a record $6.021 per gallon on Tuesday, according to AAA. Prices are up 31 cents over the last month, and $1.89 higher than a year ago.
Poor Countries Face a Mounting Catastrophe Fueled by Inflation and Debt: NYTMay 17, 2022 - 08:17:57 PDT
Russia’s war in Ukraine is combining with a global tightening of credit and an economic slowdown in China to sow misery in low- and middle-income countries.
Credit Bank of Moscow (MKB), one of Russia's largest private lenders, has obtained a gold export licence from the government, it said on Monday, becoming the latest Russian bank to turn to precious metals trade to offset the impact of sanctions.