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Thread: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

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    Default US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big


    https://www.bloomberg.com/news/artic...20food%20costs.


    • Consumer price index climbed 1.3% from May, most since 2005
    • Increase reflected higher gasoline, shelter and food costs

    By
    Olivia Rockeman
    July 13, 2022 at 5:32 AM PDTUpdated onJuly 13, 2022 at 6:57 AM PDT

    US inflation roared again to a fresh four-decade high last month, likely strengthening the Federal Reserve’s resolve to aggressively raise interest rates that risks upending the economic expansion.
    The consumer price index rose 9.1% from a year earlier in a broad-based advance, the largest gain since the end of 1981, Labor Department data showed Wednesday. The widely followed inflation gauge increased 1.3% from a month earlier, the most since 2005, reflecting higher gasoline, shelter and food costs.

    Screen Shot 2022-07-13 at 7.55.04 AM.jpg

    The red-hot inflation figures reaffirm that price pressures are rampant and widespread throughout the economy and taking a bigger toll on real wages, which are down the most ever in data back to 2007. The inflation data will keep Fed officials on an aggressive policy course to rein in demand, and adds pressure to President Joe Biden and congressional Democrats whose support has slumped ahead of midterm elections.

    Prices for household necessities continued to post outsized increases last month. Gas prices rose 11.2% in June from a month earlier. Prices for energy services, which includes electricity and natural gas, increased 3.5%, the most since 2006.

    Biden is traveling to the Middle East this week to discuss energy output with Saudi and other Gulf leaders in hopes of lowering high prices at the pump. Retail gas prices topped $5 on average nationwide in June, though they’ve since subsided somewhat.
    Food costs, meanwhile, climbed 1% and 10.4% from a year ago, the largest increase since 1981.

    Higher prices continue to eat away at consumer incomes, despite strong nominal wage gains. Inflation-adjusted average hourly earnings dropped 3.6% in June from a year earlier, the 15th straight decline and largest in data back to 2007, separate data showed Wednesday. That’s started to impact spending -- inflation-adjusted consumer expenditures fell 0.4% in May, the first decline this year.


    Last edited by Ted Hoppe; 07-13-2022 at 10:11 AM.
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    We have certainly felt the pinch beyond the gas pumps. our grocery bills are way up. 10 dollars for a small Big Mac meal at McDonalds, even my local diner where i the the other locals get my eggs, bacon & waffles raised their prices to $13.95 from 11.50 this past month.

    the quart can of west systems epoxy at the chandlery even with a discount is up 26 percent from last year.

    Now I have to consider a rate hike in my services to keep up with inflation. I am currently competing with others for the jobs I used to have on my own.

    With higher interest rates, the likely hood of us selling this bay area house is not promising.

    I know many of you have seen the same. wondering what your thinking is and what you are doing to cover these changes.
    Last edited by Ted Hoppe; 07-13-2022 at 10:23 AM.
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    A broader, less ClickBaity forecast --

    https://www.conference-board.org/res...terest%20rates.

    Gas prices are dropping, which helps some --

    https://www.autoweek.com/news/indust...ne%20customers.
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    David G
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    "It was a Sunday morning and Goddard gave thanks that there were still places where one could worship in temples not made by human hands." -- L. F. Herreshoff (The Compleat Cruiser)

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Ted Hoppe View Post
    I know many of you have seen the same. wondering what your thinking is and what you are doing to cover these changes.
    Had the stimulus checks been targeted toward the poor, inflation would be less now. Had there been no war, inflation would be less. If employees saved more and spent less, inflation would be less. I could go on but ...

    We have always been more of a "spend what you need not what you want" family. We will continue to do so.

    On the other hand ... I can go to the Grand Canyon and spend money on just gas - sleep in my car and take food from home. But this fall a couple cabins at the rim, fly to Phoenix, rent a car, buy a lot of food. I can create my own inflation.

    There are a lot of people affected by inflation. I don't happen to be one.
    Life is complex.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Too Little Time View Post
    Had the stimulus checks been targeted toward the poor, inflation would be less now. Had there been no war, inflation would be less. If employees saved more and spent less, inflation would be less. I could go on but ...

    We have always been more of a "spend what you need not what you want" family. We will continue to do so.

    On the other hand ... I can go to the Grand Canyon and spend money on just gas - sleep in my car and take food from home. But this fall a couple cabins at the rim, fly to Phoenix, rent a car, buy a lot of food. I can create my own inflation.

    There are a lot of people affected by inflation. I don't happen to be one.
    You buy nothing at all then?
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Canoez View Post
    You buy nothing at all then?
    He is ‘special’.
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







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    Default US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Buy I bonds.
    And do not forget the trillions Trump and the GQP added to the national debt. Plays a huge part.


    Sent from my iPhone using Tapatalk
    Last edited by Tom Wilkinson; 07-13-2022 at 12:15 PM.
    Tom

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Norman Bernstein View Post
    He is ‘special’.
    Mmm-hmm.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Yeah, let’s argue among ourselves and not blame a long series of weak, selfish politicians (presidents aside) who let this happen, eyes wide open, so they could please the people to hired them (not the public).

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by bluedog225 View Post
    Yeah, let’s argue among ourselves and not blame a long series of weak, selfish politicians (presidents aside) who let this happen, eyes wide open, so they could please the people to hired them (not the public).
    I suspect I agree, but the post is too vague to know for sure. Can you elaborate?
    David G
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    No. Just venting at the predictability of it all. And the impact on “normal” people who could have been so much better served by responsible government officials. And even the reasonable people here spend their time on outrage politics cute cut and paste and gotcha posts and not on actual policy. And act as though who is president matters.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by bluedog225 View Post
    Yeah, let’s argue among ourselves and not blame a long series of weak, selfish politicians (presidents aside) who let this happen, eyes wide open, so they could please the people to hired them (not the public).
    Elected politicians certainly don't represent the majority.
    Life is complex.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Canoez View Post
    You buy nothing at all then?
    I "buy" a few things - gas for the cars, diet pop. But someone else - my wife, pays the bills. She has so far has no reason to complain.

    Like in most of economics many of those not adversely affected falsely claim to be severely affected.
    Life is complex.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Too Little Time View Post
    I "buy" a few things - gas for the cars, diet pop. But someone else - my wife, pays the bills. She has so far has no reason to complain.

    Like in most of economics many of those not adversely affected falsely claim to be severely affected.
    If you're buying virtually anything - particularly gas - you _are_ adversely affected by inflation.

    Just because you're not complaining about it doesn't mean you're not affected.

    To say you are not affected by inflation is clearly a falsehood.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Tom Wilkinson View Post
    Buy I bonds.
    My thought exactly--my wife and I will be purchasing them as soon as our house sale goes through.

    Tom
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Gosh, remember the threads here saying inflation was a real concern?

    I was in the “I’m worried” team and I think we were pretty outnumbered.

    I thought free money and quantitative easing was going to eventually tip over. It did. I’ll admit I never saw a pandemic-induced supply chain meltdown, which I think is the primary trigger but not driver of this inflation.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Canoez View Post
    If you're buying virtually anything - particularly gas - you _are_ adversely affected by inflation.

    To say you are not affected by inflation is clearly a falsehood.
    There are those who are unable to afford all they need. Inflation leaves them less able to afford their needs. They are adversely affected by inflation

    And then there are those who are able to afford all they want. Even if due to inflation it costs them more. They are not affected by inflation. I am in this position. There are a lot of household who are in this position.
    Life is complex.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Norman Bernstein View Post
    He is ‘special’.
    “With better planning people could be rich, and inflation wouldn’t be a problem for them. Poor people should plan better and not be poor. It’s a drag, not on the economy of the country so much as having to motor past the pathetic buggers.”
    Speak softly and carry a mouthful of marbles.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Too Little Time View Post
    There are those who are unable to afford all they need. Inflation leaves them less able to afford their needs. They are adversely affected by inflation

    And then there are those who are able to afford all they want. Even if due to inflation it costs them more. They are not affected by inflation. I am in this position. There are a lot of household who are in this position.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Other than gas prices and the grocery store, I notice that the restaurants I regularly visit have to make a new menu every week or so to raise meal prices. 20% more today than the online prices. Causes me to search about for places that have not gone up so fast.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Comments --

    Quote Originally Posted by bluedog225 View Post
    No. Just venting at the predictability of it all.

    You predicted this? I'm impressed. There were only a few who saw the inflation part coming to this degree. And most of those were chronic cynics and doomsayers. It caught most knowledgeable folks a bit by surprise. Do you have a link showing you making that prediction? Some other responsible party?

    And the impact on “normal” people who could have been so much better served by responsible government officials.

    Agreed.

    EX. -- If tRump had listened to his own experts when the pandemic was coming on, instead of downplaying and dismissing their advice (because it might make him 'look bad')... we'd likely be a lot better off.

    As far as inflation, the responsible govt. officials, operating in good faith, believed inflation would be milder and develop more slowly. Predictions, though, got a bit more challenging because of the historically weird circumstances.


    And even the reasonable people here spend their time on outrage politics cute cut and paste and gotcha posts and not on actual policy. And act as though who is president matters.

    Ayup, in some cases.
    David G
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Canoez View Post
    ...
    You appear to be concentrating on the wrong issue and draw a false conclusion - that something costing me more affects me.

    You are writing: having a bit less money in some account somewhere that I will never spend affects me. While I am saying, inflation has not changed what I do in my life at all. It is true for at least 25% of households.

    But I do give you and others credit for originality. It is as original as investors who claim that a 14% annualized gain is a loss.
    Life is complex.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    The Bilge crew is out for a sail on the WoodenBoat. Everyone is there from Captain Bell down to the ship's rat.

    A squall is brewing.

    "All hands on deck!", the captain calls.

    Some of the crew has remembered foul weather gear, some brought umbrellas, and some of the crew has nothing in their haste to get on deck.

    The squall rolls in suddenly - sooner than anticipated. The wind rises, the rain pelts the crew mercilessly as they try to reduce sail before the squall eventually passes.

    The entire crew are wet, clearly. Some lost their umbrellas, some had their foulies torn. There are those who love the smell of fresh rain and don't mind the refreshing feeling of being wet. There are those who don't care. There are those who hate the feeling of the clinging damp and cold. Reactions vary among the crew, obviously.

    However. The inescapable fact is that the entire crew has been rained on, equally - from Captain Bell down to the ship's rat.

    Only an ignorant crew member would say that they hadn't been rained on.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Canoez View Post
    The Bilge crew is out for a sail on the WoodenBoat. Everyone is there from Captain Bell down to the ship's rat.

    A squall is brewing.

    "All hands on deck!", the captain calls.

    Some of the crew has remembered foul weather gear, some brought umbrellas, and some of the crew has nothing in their haste to get on deck.

    The squall rolls in suddenly - sooner than anticipated. The wind rises, the rain pelts the crew mercilessly as they try to reduce sail before the squall eventually passes.

    The entire crew are wet, clearly. Some lost their umbrellas, some had their foulies torn. There are those who love the smell of fresh rain and don't mind the refreshing feeling of being wet. There are those who don't care. There are those who hate the feeling of the clinging damp and cold. Reactions vary among the crew, obviously.

    However. The inescapable fact is that the entire crew has been rained on, equally - from Captain Bell down to the ship's rat.

    Only an ignorant crew member would say that they hadn't been rained on.
    I don't recall that teaching by parables ever changed the minds of the people who needed to learn from them, in any religious tradition...

    Tom
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by WI-Tom View Post
    I don't recall that teaching by parables ever changed the minds of the people who needed to learn from them, in any religious tradition...

    Tom
    Amen.
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Tom Wilkinson View Post
    Buy I bonds.
    And do not forget the trillions Trump and the GQP added to the national debt. Plays a huge part.


    Sent from my iPhone using Tapatalk
    You can't buy enough I-bonds to make a real difference since they are limited to only $10K per year.

    We are feeling the inflation in food, electric rates, gas prices and the boat costs but the impact isn't very big YET. Our electric rate went up by almost half last year, but that only increased our annual electric bull by about $200. We drive about 3,000 miles a year @ 32 mpg so assuming gas is up by $2/gal that costs us about $185/year. Food is up too, but we shop sales so the impact is pretty small, particularly considering that food only represents a couple percent of our income. By far the biggest increase we have seen is in boat costs, which have gone up by about 10%, but even that is buffered because we sold one of our two boats which cut our actual boat costs by almost half. The reduced boat costs more than offset all increased costs. Incidentally, we sold the boat because the maintenance was taking too big a physical toll on me, not because of costs. Since we have no debt rising interest rates are a positive for us. Yes, I know we are outliers, but so far we are in better financial shape due to selling the boat and the increased returns on savings. In other words, we are earning more, but spending less.
    Last edited by Todd D; 07-14-2022 at 12:29 PM.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    CNBC host Joe Kernen grilled a congressman over the Democrats' excuses for increasing inflation and high gas prices.

    Democratic Rep. Hakeem Jeffries of New York appeared on Kernen's show on Tuesday just ahead of a new report that showed inflation worsening instead of improving. Jeffries tried to offer talking points as an excuse for inflation, but Kernen bulldozed through them and pressured him to take responsibility.

    “In this country, we’re still down front from peak production. You don’t you think there’s anything that you can do in Congress or to convince a Biden administration, you don’t think there’s any regulations that need to be eased? You don’t think there’s any offshore activity?” asked Kernen.
    “You don’t take any responsibility? It’s just all a ‘Putin price hike’?” he added.

    “Yeah, part of the challenge domestically in terms of production is that the oil and gas companies have refused to actually act on the permits to drill that they currently ...” Jeffries began to respond.

    Don't miss out on content from Dave Rubin free of big tech censorship. Listen to The Rubin Report now.
    Kernen blasted the talking point as a "red herring" and explained why he thought the excuse was unreasonable.

    “So there’s leases. There’s, you know, there’s also just the overall pressure from ESG and the green lobby about whether an oil company is going to make plans five or 10 years down the road when, you know, a large part of the population wants to put them out of business completely,” Kernen said.


    Jeffries went on to blame corporations for their high profit margins which didn't persuade Kernen much.

    On Wednesday, the Labor Department issued its latest consumer price index report that found inflation in June rising to 9.1% on an annual basis. The stock market dropped farther as a result of the report that many took as a sign that the economy was sinking into a recession.

    Many economists say that the high spending policies of the Democrats worsened inflation despite other causes like the pandemic and the invasion of Ukraine. A recent poll found that many Americans were unconvinced by the excuses the Biden administration was making for high inflation.

    Here's part of the video of Kernen debating Jeffries:

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by C. Ross View Post
    Gosh, remember the threads here saying inflation was a real concern?

    I was in the “I’m worried” team and I think we were pretty outnumbered.

    I thought free money and quantitative easing was going to eventually tip over. It did. I’ll admit I never saw a pandemic-induced supply chain meltdown, which I think is the primary trigger but not driver of this inflation.
    Cris, I'd love to hear your comments on my new thread... covering this topic.
    "Reason and facts are sacrificed to opinion and myth. Demonstrable falsehoods are circulated and recycled as fact. Narrow minded opinion refuses to be subjected to thought and analysis. Too many now subject events to a prefabricated set of interpretations, usually provided by a biased media source. The myth is more comfortable than the often difficult search for truth."







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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Todd D View Post
    You can't buy enough I-bonds to make a real difference since they are limited to only $10K per year.
    Some of us might not have $10,000 per year. Just sayin'...

    Tom
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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by bobbys View Post
    Bla bla bla
    1. Did Mr Biden legitimately win the 2020 presidential election? If not, why not?


    2. What do you think of the attempt to interfere by force with the electoral vote count on January 6, 2021? If you approve, explain.

    This post is temporary and my disappear at the discretion of the managment

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Quote Originally Posted by Joe (SoCal) View Post
    1. Did Mr Biden legitimately win the 2020 presidential election? If not, why not?


    2. What do you think of the attempt to interfere by force with the electoral vote count on January 6, 2021? If you approve, explain.

    What.

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    .
    Pay attention. What is on second.
    "I'll tell you why [religion's] not a scam. In my opinion, all right? Tide goes in, tide goes out. Never a miscommunication. You can't explain that."Bill O'Reilly

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    Default Re: US Inflation Quickens to 9.1%, Amping Up Fed Pressure to Go Big

    Incidentally, gas is down by 45 cents a gallon since the first of the month. $4.80 yesterday here on Mount Desert Island, ME. It is likely cheaper on the land side of the island, but I haven't been over there since June.

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