After the hotter-than-expected PPI print, Consumer Prices confirmed that inflation is running hot with the fastest rise since Feb 2012.
Notably core CPI (at 2.2%) has been above The Fed’s mandated 2% ‘price stability’ level for 15 months in a row.
Of course, one of the big drivers of this price surge is in shelter and rent inflation…
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Combined with the weakest GDP growth outlook in over a year, it appears stagflation is looming…
And The Fed is hiking into its face.
Despite the surge in consumer confidence and exuberance at what lies ahead, real wages for America’s average joes declined year-over-year in February (down 0.3%). This is the first consecutive monthly drop in real wages since 2011 (which forced Bernanke to to hint at and then unleash QE2 later that year).
So not only is The Fed hiking into the weakest GDP growth outlook since 1987, noiw they are hiking into declining real wage growth (something tht has previously driven The Fed to a massvely dovish stance).
And The Fed is apolitical, right?
Stagflation – remember Jimmy Carter? One of the biggest fuck-ups, right behind the Magic Negro.
Carter sucked, but compared to LBJ or FDR he’s barely a blip on the radar for me.
Dutch, I respectfully disagree about Carter. I voted for him and liked him. A very smart (nuclear engineer, Navy vet) outsider who was going to clean up the huge government mess with common sense and smarts. He was bent over and cornholed by TPTB right out of the gate.
He’s lucky they didn’t kill him, at least he can build houses for poor people in his old age!
Daring rescue of Iranian hostages failed due to sand in the fuckin’ turbines! Good plan though.
I know there was a lot fucked up in those days, just saying not all his fault, a mild difference of opinion.
He is Mt. Rushmoresque in comparison to Slick Willie, both Bushes and the (former)HNIC!
Carter turned into an opening act for Uncle Ronnie. His inflation fighting policies paid off big for Reagan who got the credit with his voodoo economics. Because of this seeming recovery, Reagan was able to push through a shitload of deficit spending and military largess.
After Nixon and Carter, the presidency became a figurehead; a salesman for the cabal or inner circle. Uncle Ronnie and presidents thereafter had handlers, people who manage the president and his time.
You know what I find interesting is that Bush Deuce visited Oklahoma prior to the 9/11 incident. Perhaps they figured it was a useful strategy which the public wouldn’t question. I wonder, though, why the parking lot under the rental truck was not damaged? Is ammonium nitrate the makings of a smart-bomb?
I know you loathe Reagan, but I was in ICELAND when he did the coffee house talks. You obviously haven’t read Kissinger’s book Diplomacy.
You do not always know what you think you know, my wiley coyote.
Had a lovely disagreement with a college professor about CPI. He pulled a chart from 2014-2015 as his assertion that inflation has been defeated once and for all, and that its a bad thing because inflation was good.
I blocked him. The next department meeting is going to be fun.
They perpetrate the scam by not counting the cost of food and energy.
Go to the super market – a 64 oz OJ, is now 58 oz – a 10% reduction. Same for 4 lb bags of sugar. The liquor store was selling 18 packs of beer.