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Nov 21, 2021 19:20:53 #
CBS MarketWatch: The inflation genie is out of the bottle as consumer sentiment takes a hit and Californians pay $12 for a regular burrito.
Average Americans are paying as much as $200 for a single concert ticket, $90 for a bottle of wine, and $5 a gallon for gas.
CBS: The highest annual U.S. inflation rate in almost 31 years reverberated across financial markets and in the minds of Americans this week.
It damaged consumer sentiment, leaving many traders flummoxed, and causing one financial firm to warn that the proverbial “genie is out of the bottle.”
Signs of growing inflation worries were seemingly everywhere on Saturday, starting with the University of Michigan consumer sentiment index, which fell to the lowest level in a decade. In financial markets, investors flocked to gold, a traditional haven from higher prices.
Meanwhile, the average American was lamenting the rising cost of everything from concert tickets to a regular burrito.
The inflation genie is out of the bottle and we’re starting to see more persistent, broad-based inflation take over and it’s coming from much more permanent.
The risk is that if Federal Reserve policy makers wait too long, they’ll need to pump on the brakes a lot faster, threatening the recovery.
October’s CPI report showed the headline annual inflation rate accelerating to 6.2%, the highest since November 1990, on the back of rising costs for everything from gas to rent and medical care.
It was the sixth straight month of year-over-year readings at or above 5%, more than double the Fed’s 2% target.
Escalating inflation, along with a growing belief among consumers that effective policies are not being developed to combat it, was identified as a big factor behind the drop in the University of Michigan’s sentiment report.
The average American hasn’t had to worry about high inflation for decades, and many traders weren’t alive during the 1970s era of stagflation.
As a result, a large number of people have been caught off guard by the strength of recent price rises.
Elon Musk told CBS "Inflation is the most regressive tax of all, yet is advocated by those who claim to be progressive."
Average Americans are paying as much as $200 for a single concert ticket, $90 for a bottle of wine, and $5 a gallon for gas.
CBS: The highest annual U.S. inflation rate in almost 31 years reverberated across financial markets and in the minds of Americans this week.
It damaged consumer sentiment, leaving many traders flummoxed, and causing one financial firm to warn that the proverbial “genie is out of the bottle.”
Signs of growing inflation worries were seemingly everywhere on Saturday, starting with the University of Michigan consumer sentiment index, which fell to the lowest level in a decade. In financial markets, investors flocked to gold, a traditional haven from higher prices.
Meanwhile, the average American was lamenting the rising cost of everything from concert tickets to a regular burrito.
The inflation genie is out of the bottle and we’re starting to see more persistent, broad-based inflation take over and it’s coming from much more permanent.
The risk is that if Federal Reserve policy makers wait too long, they’ll need to pump on the brakes a lot faster, threatening the recovery.
October’s CPI report showed the headline annual inflation rate accelerating to 6.2%, the highest since November 1990, on the back of rising costs for everything from gas to rent and medical care.
It was the sixth straight month of year-over-year readings at or above 5%, more than double the Fed’s 2% target.
Escalating inflation, along with a growing belief among consumers that effective policies are not being developed to combat it, was identified as a big factor behind the drop in the University of Michigan’s sentiment report.
The average American hasn’t had to worry about high inflation for decades, and many traders weren’t alive during the 1970s era of stagflation.
As a result, a large number of people have been caught off guard by the strength of recent price rises.
Elon Musk told CBS "Inflation is the most regressive tax of all, yet is advocated by those who claim to be progressive."
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