Posted on 08/26/2023 4:48:08 PM PDT by RandFan
WASHINGTON (Sputnik) – The Federal Reserve will keep raising interest rates as long as it is needed to bring inflation back to its long-term target of 2% per year given that the US economy is not cooling as was initially thought, Chairman Jerome Powell said on Friday.
“It is the Fed’s job to bring inflation down to our 2% goal, and we will do so,” Powell stressed, opening the US central bank’s annual symposium in Jackson Hole, Wyoming.
Inflation hit four-decade highs of more than 9% per year in June 2022 due to trillions of dollars of federal relief spending following the 2020 coronavirus outbreak.
(Excerpt) Read more at infowars.com ...
End the Fed!
The economy is dead and almost room temperature.
Morons. Inflation will continue to be a problem until the price of oil comes down. They isn’t happening until we start drilling in the U.S. again. Also, slow down gov’t spending.
The idiots should have read what Milton Friedman had to say. That inflation is caused by government issuing fiat money and the way to counteract that is to stop issuing money with no backing.
All indications I’m seeing is that the money supply has been shrinking dramatically since last year.
Yep, Keep raising the price of everything with high interest rates. That will fix it good.
Growth in money supply (M2) YoY went negative in October 2022, and has stayed there, running out -3.7% these days. That still hasn’t stopped inflation.
If the jerk Powell had a spinal column he’d tell loser turd Biden to unleash our oil production and lose the climate change hoax! That’s the root of the inflation.
It will take a deflationary period to get prices back to the levels they were at when Biden took office.
From Grocery Store Prices and Inflation:
| Item | Jan 2021 | Jul 2023 |
|---|---|---|
| Steak, sirloin, USDA ch., BNLS, per lb. | $9.15 | $11.51 |
| Chicken Breast, boneless per lb. | $3.26 | $4.14 |
| Ground beef, 100% beef, per lb. | $3.97 | $5.09 |
| Ground chuck, 100% beef, per lb. | $4.31 | $5.25 |
| Milk, fresh, whole, fortified, per gal. | $3.47 | $3.97 |
| Eggs, grade A, large, per doz. | $1.55 | $2.09 |
| Bread, white, pan, per lb. | $1.55 | $1.98 |
| Coffee, 100%, ground roast, per lb. | $4.59 | $6.14 |
| Potato chips, per 16 oz. | $5.01 | $6.48 |
| Ice cream, bulk, regular, per 1/2 gal. | $5.01 | $5.85 |
| Cookies, chocolate chip, per lb. | $3.67 | $5.09 |
| Gas, unl reg, per gal. | $2.33 | $3.73 |
| Fuel oil #2 (heating oil), per gal. | $2.55 | $3.47 |
| Electricity, KWH | $0.14 | $0.17 |
Prices have come down from their highs from the summer of 2022, but are still much higher than when Biden first took office.
-PJ
If you want to low down the economy just start a pandemic
How do you collect interest from those who print money and spend it. You don’t. You collect it from innocent taxpayers instead.
They will continue until every thing crawls to a halt,
then they will denigrate the prior administration and reverse
their policy and claim victory.
Money supply is one factor, the velocity of money is another.
This stuff is very complex—and the Fed is as confused as everybody else.
The velocity of money is a fudge factor. It doesn't predict anything.
Agreed—velocity is not a predictor—it is what it is at any given point in time.
That is part of what makes the economic “experts” get their predictions wrong.
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