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The Associated Press (AP) tried to run cover for President Joe Biden by gaslighting readers on his role in rising gas prices. AP ran another one of its useless “fact-checks” headlined, “AP FACT CHECK: House GOP falsely blames Biden for gas prices.” The piece railed that “Biden's policies aren't behind the price increases.” It continued: “Gas prices are up because of a rapid and unexpected bounce-back in demand, and because of lingering problems from the forced shutdown early this month of the Colonial Pipeline, which provides 45% of the fuel consumed on the East Coast.” It’s too bad for AP...

A key measure of inflation accelerated to a faster-than-expected 3.1 percent annual gain in April, the Commerce Department reported Friday. The last time the core personal consumption expenditures index hit 3.1 percent was in May of 1992, when George H. W. Bush was president and inflation was still recovering from the stagflationary 1970s era. Federal Reserve officials consider core PCE inflation, which excludes food and energy, to be their primary gauge of price stability, one-half of the central’s bank’s core aims in formulating monetary policy. The other half is maximizing employment. Prices of many items fell last year as the...

And Now Prices Are Really Soaring: May Rent Jump Is Biggest On Record With BofA predicting that the US is facing a period of “transitory hyperinflation” as a result of soaring commodity prices in everything from metals to food… The @UNFAO global food price index rose for an 11th month in April to a seven year high at 120.9, representing a y-o-y jump of 30.7%. Food #inflation has not risen this fast since 2011 with all sectors rising led by sugar and oils – #agriculture #grains pic.twitter.com/V78egWukzI — Ole S Hansen (@Ole_S_Hansen) May 6, 2021 …. and beyond, in what...

Former Trump Economist Stephen Moore on Sunday said the U.S. economy is looking at four to five percent inflation, "and that's way above where the Fed wants us to be." "They have a two to two-and-half percent, you know, inflation target,” he told John A. Catsimatidis on his radio show, The Cats Roundtable - WABC 770 AM. The effects of inflation are everywhere, he says. “You’ll see this in the supply chain. I mean I just bought some airline tickets this weekend for this summer… airline tickets are up 20%. You know food prices are up 10, 15, 20 percent...

Back in December, SocGen's resident market skeptic Albert Edwards shared with the world why he is starting to panic about soaring food prices. And since that was before food prices really took amid broken supply chains, trillions in fiscal stimulus and exploding commodity costs, off we can only imagine the sheer terror he must feel today. A United Nations index of world food costs climbed for a 12th straight month in May, its longest stretch in a decade, rising to the highest in almost a decade, heightening concerns over bulging grocery bills. All five components of the index rose during...

Inflation is likely to persist and lead to a crisis in the years ahead, according to a warning from Deutsche Bank economists, reported CNBC. Deutsche issued a dire warning, that is well outside the consensus from policymakers and Wall Street, that focusing on stimulus while dismissing inflation fears will prove to be a mistake if not in the near term, then in 2023 and beyond. “The consequence of delay will be greater disruption of economic and financial activity than would otherwise be the case when the Fed does finally act,” Deutsche’s chief economist, David Folkerts-Landau, and others wrote. “In turn,...

Inflation may look like a problem that will go away, but is more likely to persist and lead to a crisis in the years ahead, according to a warning from Deutsche Bank economists. In a forecast that is well outside the consensus from policymakers and Wall Street, Deutsche issued a dire warning that focusing on stimulus while dismissing inflation fears will prove to be a mistake if not in the near term then in 2023 and beyond. The analysis especially points the finger at the Federal Reserve and its new framework in which it will tolerate higher inflation for the...

Deutsche Bank said the U.S. may be headed toward one of its worst periods of inflation in history amid increased government spending and relaxed monetary policy, warning that the belief inflation is transitory could have serious consequences for the economy. The report, which was released Monday, begins with a series of quotes—contrasting Ronald Reagan's warning about how serious inflation is with how Joe Biden, Janet Yellen and others have justified "acting big." "Despite the shift in priorities, central bankers must still prioritize inflation," the report says. "Indeed, history has shown that the social costs of significantly higher inflation and greatly...

Inflation spiking at the highest level since 2008 apparently wasn’t newsworthy enough to receive coverage on the ABC, CBS and NBC morning networks yesterday. The Bureau of Labor Statistics (BLS) released the anticipated Consumer Price Index (CPI) report at 8:30 a.m. on June 10. The report revealed that consumer prices had skyrocketed a whopping 5 percent in May on a year-over-year basis. The Wall Street Journal dubbed the event the “the biggest surge in inflation in nearly 13 years.” CNBC said that economists were expecting a 4.7 percent spike in inflation. The indication is that the official BLS statistic clearly...

Inflation is making headlines all over the country, but the mainstream media is not being honest about the true severity of the crisis. We are being told that the official rate of inflation is still in single digits, but what we aren’t being told is that the way inflation is calculated has changed dramatically over the years. In fact, according to Forbes “the government has changed the way it calculates inflation more than 20 times” over the past 30 years. The rate of inflation directly affects so many other things in our system, and the government would like to keep...

The next time you’re shopping for groceries or taking in a meal at the local cafe, keep an eye out for newly raised prices. Companies from Chipotle to Piggly Wiggly are raising prices in an effort to make up for elevated costs in labor, goods and transportation, according to The Wall Street Journal. It’s just the latest inconvenience brought about by the real Biden Effect: Rampant inflation and ever-increasing costs. Consumer prices flew upward by five percent in May, marking the highest rate of inflation since the Great Recession. Now, the increasing costs of everyday necessities like food threaten to...

As the geniuses running the western financial bubble sometimes called an “economy” continue to double down on their obsession to pump a dead financial system with ever more trillions in stimulus spending, arguments are raging among brainwashed economists living in denial over the oncoming systemic collapse. The thought of engineers on the Titanic passionately arguing over whether they should accelerate or decelerate the speed of the boat whose hull has long been torn to shreds by an iceberg comes to mind. On one side of the debate, figures like U.S. Treasury Secretary Janet Yellen and Fed Chair Jerome Powell champion...

JPMorgan's longtime CEO Jamie Dimon says America's largest bank is currently 'stockpiling' cash because there's a 'very good chance' inflation is here to stay after being driven to its highest level in 13 years. Dimon said on Monday that JPMorgan is not buying Treasuries or other investments because of the risk that surging inflation will see the Federal Reserve increase interest rates. 'We have a lot of cash and capability and we're going to be very patient, because I think you have a very good chance inflation will be more than transitory,' Dimon said during a Q&A at Morgan Stanley's...

Wholesale prices in the U.S. increased at their fastest annual rate ever in May, driven by rising food prices, as soaring inflation threatens to derail the post-pandemic economic recovery. The producer price index, which measures inflation pressure before it reaches consumers, rose 0.8 percent in May for an annual gain of 6.6 percent, the biggest jump since annual data was first compiled in 2010, the Labor Department said Tuesday. The annual gain is somewhat skewed by a 'base effect' from last year's data, when prices plunged early in the pandemic, but nevertheless offers another worrying signal to consumers that their...

Core personal consumption expenditures, the Federal Reserve’s preferred inflation reading, rose in May by the most in nearly three decades as the U.S. economy continued to gain momentum while COVID-19 lockdown restrictions eased.

At the start of May, when observing the avalanche of “higher inflation” mentions on Q1 earnings calls, which had quadrupled YoY; and jumped by a record 800% YoY…… BofA chief equity strategist Savita Subramanian summarized the current state of affairs as follows: “On an absolute basis, [inflation] mentions skyrocketed to near record highs from 2011, pointing to at the very least, “transitory” hyper-inflation ahead.”Needless to say, a “serious” bank warning of hyperinflation – transitory or otherwise – was enough to spark very serious concerns that the Fed was losing control of prices, a panic which only grew after Deutsche Bank...

Retired Green Beret Jeremy Brown tells Brooke and Timbo that the Republic has already fallen, the effects just haven’t gotten to everyone’s doorstep…yet. In a blockbuster, no-holds-barred interview, Jeremy describes how the FBI tried to recruit him to spy on fellow patriots and how the government is actively working against the interests of both America and We the People. Jeremy joined the Oathkeepers–a group of retired military and current and former law enforcement who have not abandoned the Oath they took to preserve, protect, and defend the Constitution against ALL enemies, foreign AND domestic–after last November’s stolen election. He details...

Sometimes new data can shed light on an uncertain situation, especially in financial markets. Other times it simply adds to the confusion. Such was the case with the most recent U.S. employment report released June 4 for the month of May. The analyst world was glued to their news feeds, anxiously awaiting the latest report. The result was — bafflement. The report showed job gains of 559,000. That’s a strong number, but it was below expectations. The market was looking for 670,000 jobs or higher. While strong April gains were revised up slightly, the stronger March gains had earlier been...

Air-conditioned prices up from last summer All large appliances up. Washing machines, driers, dishwashers, refrigerators etc. Microwave ovens stable or up Food prices? What do you see? Forget chicken wings, buy drumsticks to substitute. Drumstick prices are not up very much. Beef up 50% from last year. My favorite cuts at least. Though grass fed hamburger at Aldis is down 50 cents per pound. Watermelon prices same as last year. What inflation or deflation do you see in anything? Some that might get you angry,

Earlier this year, former Clinton Treasury Secretary and erstwhile Harvard President Larry Summers was pilloried by his fellow Democrats for daring to suggest that the firehose of COVID-inspired fiscal and monetary stimulus would likely cause runaway inflation. Then, over the weekend, Summers doubled down on that (so far, correct) call, warning that inflationary pressures might be more persistent than the Fed’s Chairman Jerome Powell (who continues to insist that price pressures will ultimately be “transitory” despite the FOMC’s decision to move up its expectations for the timing of rate hikes to account for hotter-then-expected inflationary prints) has let on. Now,...