As Inflation Soars; Fed Rate Hike Bets Accelerate
Inflation pressures show no signs of abating after the fastest annual increase since 1982, adding to pressures for a big rate hike from the Federal Reserve next month.
U.S. inflation accelerated to the fastest pace in four decades last month, data from the Bureau of Labor Statistics indicated Thursday, with underlying figures showing no signs of near-term relief for pinched American consumers.
The headline consumer price index for the month of January was estimated to have risen 7.5% from last year, up from the 7% pace in December and the fastest rate since June of 1982, powered largely by airfares and rental costs. On a monthly basis, inflation was up 0.6%, the BLS said, with both tallies topping Wall Street forecasts. So-called core inflation, which strips-out volatile components such as food and energy prices, rose 6% on the month, and 6% on the year, the highest since February of 1991, the report noted, with the annual reading coming in ahead of the Street consensus forecast. White House Press Secretary Jen Psaki told reporters during her regular media briefing Wednesday that President Joe Biden was “expecting a high year-over-year inflation rate” from the January data, but added that “leading outside forecasters continue to project that inflation is expected to decrease over the course and moderate over the course of this year.” NN: we got the dumbest bunch of assholes in positions of authority. Everything they touch they turn to shit. The military is dealing with white privilege instead of preparing for war. The school system taught kinds about sex and now they do no know what sen they are. They threw GOD out. No region to replace the Judea Christine foundation of the country with yoga and Tibetan soothing bells. In the plauge they cannot even provide the right medicines…. Shit they are still giving medical workers paper masks and half of them are geting infected. And trhe Fed is guaranteeing a depression with inflation out of control over a year now. Rates are still at zero and they are still pumping cash in to the economy…..