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For months the Fed has said the inflation was temporary. They finally admitted that maybe it's not so temporary.
Finally going to taper off their pumping and raise rates.
Should have done that last year and let the economy do what it does naturally.
Our government is the source of our problems.....as it always turns out to be.
https://www.malaymail.com/news/money...threat/2028460
Fed Chair Jerome Powell has signalled that the central bank will pull back on its pandemic stimulus measures more quickly, which would put it in position to raise interest rates and try to quash the wave of rising prices that have hit American households.
..
Powell for months has argued that most of the price increases were due to temporary pandemic-linked factors that would dissipate, but in late November he acknowledged that inflation could be “persistent.”
Cause I found one. And talk about cherry picked data!
The "record" is all of 10 years! Oh no, wholesale inflation year-over-year is the highest since 2011.
In reality, 79-81, 74, 47, 42 and 17-20 had double digit inflation rates, much higher than today
The source was in the first post. It came from CNBC. I guess you didn't read it before commenting.
The sharp increase in cost of living is local, for now. Currently I think Atlanta is the worst hit. There are pockets of these increases across the country. Depending on where you live, you may not feel the inflation as much.
Also, when comparing today's inflation rates to times past, keep in mind the times past already happened, so we know what the peak was they reached back when...
...In today's inflation numbers, we very likely have not reached the peak rate yet, because its still trending upward.
IMHO we will reach, the high inflation and CPI rates of 1972, & this time, it will happen more rapidly.
Also, when comparing today's inflation rates to times past, keep in mind the times past already happened, so we know what the peak was they reached back when...
...In today's inflation numbers, we very likely have not reached the peak rate yet, because its still trending upward.
IMHO we will reach, the high inflation and CPI rates of 1972, & this time, it will happen more rapidly.
The algorithm for CPI has changed over the years..makes CPI lower.
shadowstats sill calculates using the old algorithms.
using 1980 algorithm shows current inflation at 15%
using 1990 algorithm shows current inflation at 10%
So just looking at CPI between now and then is not valid as the algorithm changed.
You have to use the same algorithm for apples to apples comparison.
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