Inflation Hits Another 41-Year High as Consumer Price Index Blows Through All Expectations to Climb to an Ear-Popping 9.1%

Strongest economy in history, Jack!

Inflation Reached Highest Rate in Nearly 41 Years U.S. inflation reached 9.1% in June, its highest rate in nearly 41 years.

The consumer-price index's reading for June was higher than May's annual rate of 8.6% that led Fed officials to shift to a faster pace of interest rate increases.

Stocks fell after the release of the data, later recovering some ground. Investors were closely watching the report for clues about the outlook for central-bank policy and the wider economy.

The two interest rate climbs of 0.5% each did not even slow inflation a little bit.

It will take stronger medicine, unfortunately.

Stocks whipsawed as a shockingly hot US inflation report rattled financial markets, boosting bets the Federal Reserve could get even more aggressive with its belt-tightening campaign.

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"The June CPI print is ugly across the board," wrote Krishna Guha, vice chairman at Evercore ISI. "This is bad news for risk assets as it increases the likelihood that the Fed will keep raising rates rapidly and end up overshooting by enough to push the economy into recession."

It's not Biden's fault, though.

In anticipation of this latest inflation report, he offered up a new scapegoat for his incompetent spending spree that set off this ruinous inflationary spiral: The Republican Party.

Joe Biden @JoeBiden

Republicans are doing nothing but obstructing our efforts to crack down on gas-price gouging, lower food prices, lower healthcare costs, and hopefully, soon, lower your prescription drug costs.

This is not right. And that's why this election is going to be so darn important.

Update your records: Biden's pre-campaign promise that he would accept responsibility for his actions, unlike that scoundrel Trump, is no longer operative.

August 20, 2020:

Joe Biden @JoeBiden

The President needs to stop blaming others and do his job.

posted by Ace at 02:35 PM

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