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Once again, the media missed the real story. The Wall Street Journal and New York Times, among many others, reported that consumer prices, as measured by the Consumer Price Index, rose 3% year-over-year. And everybody seems to accept that story, that annual inflation is now up to 3%. This is a small uptick
Well, inflation is up again. You’re probably not surprised, and neither are we. Over the past few months, in fact, we’ve repeated again and again that inflation will keep rising, and even identified some strange reasons why. Remember back during the early days of the pandemic when used car prices went through the
The Fed Chairman was flush with praise yesterday over the stupendous state of the US economy. The economy is in a “good place”, he told reporters at a press conference after announcing a 50-basis point (0.5%) interest rate cut. The labor market is “strong”. Inflation is “coming down”. They’re “confident” about the future
It almost sounded like an apology. Almost. On Friday, Federal Reserve Chairman Jerome Powell stood in front of reporters and explained how we got here… and how inflation took hold. To be fair, he rightly diagnosed the root causes: extreme government spending and money printing during the pandemic. And then, when the economy
Sometimes I have to ask myself if the people in charge actually know how to read. Honestly I’m not entirely sure. Perhaps they know how to read… but they choose not to do so. Because it’s pretty obvious no one is paying attention to the details in the government most recent inflation report,
On Wednesday, March 8, 2023, Fed Chairman Jerome Powell was sworn in for testimony in front of members of Congress to deliver remarks about the state of the US economy. Inflation had been raging for well over a year at that point, and, in response, the Fed had rapidly increased interest rates to
We all remember it. For more than two years, every single person in the United States was subjected to the exasperating melodrama known as Dr. Anthony Fauci. A career bureaucrat who headed the National Institute of Allergy and Infectious Disease, Fauci hypnotized much of the country and convinced people that he was the
“Americans are feeling uneasy for reasons that are hard to pin down,” quipped economist Paul Krugman in a New York Times interview published earlier this week. Reasons that are hard to pin down? Bear in mind that this man received a Nobel Prize– our society’s most prominent award for intellectual achievement. Yet he
Did you hear the cheering in the streets? The celebratory gunfire coming from the Federal Reserve? The champagne bottles across Wall Street being uncorked? What’s got people so excited today is the monthly CPI report— which showed consumer prices increasing by ‘only’ 3.4% year-over-year. And core inflation, which strips out food and energy
In June 2022, when inflation was raging at over 9% in the US, Fed Chairman Jerome Powell admitted to a reporter, “we now understand better how little we understand about inflation.” “Uh, that’s not very reassuring,” the reporter chuckled. Talk about an understatement. The Fed Chairman has the power to control virtually everything
According to this morning’s dismal publication from the US Bureau of Economic Analysis, US GDP growth crashed to just 1.6%, while inflation keeps rising at a 3.4% rate. And ‘core’ inflation, which excludes food and energy, was up even higher at 3.7%! All of these numbers are much worse than expected… and frankly
[Note from James: The first thing I did this morning when I saw the US government’s latest inflation numbers was to call my friend and partner Peter Schiff to enjoy a good rant about how the Fed has completely lost the war with inflation. Peter’s thoughts are below, and I agree entirely.] Bill
