Pivot to Anger: Biden's New Messaging? Yelling Like a Mental Case

CNN: All of Joe Biden's stock market gains have evaporated.

Womp-womp.

May was another near-record month, this one for wholesale prices.

Wholesale prices rose 10.8% in May, near a record annual pace

The producer price index rose 0.8% for the month and 10.8% over the past year.

The monthly gain was in line with estimates and the annual gain was slightly off the record 11.5% hit earlier this year.

The data is significant in that prices at the wholesale level feed through to consumer prices.

Wholesale prices rose at a brisk pace in May as inflation pressures mounted on the U.S. economy, the Bureau of Labor Statistics reported Tuesday.

The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April.

...

The two PPI measures remained near their historic highs -- 11.5% for headline, and 7.1% for core, both hit in March.

The data is significant in that prices at the wholesale level feed through to consumer prices, which are running at their highest levels since December 1981. The consumer price index increased 8.6% annually in May, defying hopes that inflation had peaked in the spring.

Federal Reserve officials are watching the inflation numbers closely. Markets now expect the central bank to raise benchmark short-term borrowing rates by 75 basis points when their two-day meeting concludes Wednesday.

75 basis points is a big bite. That's a three quarters of a point hike in interest rates. The Fed seems to finally getting over the delusion that they can halt inflation with quarter point and half-point hikes.

It's going to take raising interest rates high enough to trigger a recession.

But a recessions is unavoidable anyway, so we might as well get it over with.

As there's no way to avoid that, Biden and his gang of incompetents need a new messaging tact.

They've decided to try roaring with anger, and angrily defending the reckless spending that have brought America to the very brink of ruin.

Charlie Spiering
@charliespiering

Joe Biden: "I don't want to hear any more of these lies about reckless spending. We're changing peoples lives!"

posted by Ace at 05:58 PM

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