Wall Street Sees Signs of Saint Jerome's Blessing

You could almost hear the chorus on Wall Street praising the sainted Jerome Powell when the Bureau of Labor Statistics released its August read on consumer prices.      September 14, 2021 advertisement   Use Visa or MasterCard? Get Ready to SHRED Them!

Today's Top Stories From the Breitbart News Desk You could almost hear the chorus on Wall Street praising the sainted Jerome Powell when the Bureau of Labor Statistics released its August read on consumer prices. Make no mistake: inflation is still running stronger than it has in years, especially if you happen to be the sort of person who shops for groceries or occasionally fills up a gas tank. But for the first time since October, inflation did not come in higher than expected, and that was briefly a cause for joy in the digital halls of the stock exchanges. The Consumer Price Index rose 0.3 percent, one-tenth of a point below the consensus forecast. The annual figure was 5.3 percent, the highest figure since 2008. Perhaps more importantly, August was the first time we've had three consecutive months of more than 5.3 percent annual inflation since 1991. In other words, it has been a very, very long time since we ran inflation this high for this long. Excluding food and fuel, inflation was only up 0.1 percent compared with July and 4 percent from August 2020. In other words, prices were more stable if you exclude the necessities. Food prices rose 3.7 percent, including a 17 percent rise in the price of bacon and a 9.9 percent rise in the price of eggs. If this keeps up, breakfast will only be for champions of the new economy who can keep up with ever-higher prices. Sadly enough, the Wall Street celebration did not last long. The major indexes all ended the day in the red, with the domestically focused small-cap Russell 2000 falling by nearly 1.5 percent. It would appear that investors got around to figuring out that a slight easing of inflationary pressures due to a resurgence of the coronavirus is not exactly good news. Sure, it means another month or two of accommodative dispensation from the Fed. But it also means consumers recoiling from the prospect of a never-ending pandemic. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Bidenflation: U.S. Consumers Face Steeply Higher Prices on Beef, Bacon, Chicken, Fish, and Even Salad Dressing

Family budgets were put under even more strain in August as food prices continued to climb at a stunning pace. The price of food overall is up three precent compared with a year ago, data from the Bureau of Labor Statistic's monthly Consumer Price Index showed Tuesday. Compared with July, food prices rose four-tenths of a percentage point. Those numbers are mild, however, compared to the extreme price movements in the meats aisles of the grocery store. [Click here for more]

IN OTHER STORIES...

Consumer Prices Up 5.3 Percent as Food, Fuel, and Shelter Surge Higher

Consumer prices rose again in August, albeit at a slower pace than earlier in the summer. The Consumer Price Index rose 5.3 percent compared with a year ago, the Department of Labor said Tuesday. On a monthly basis, the CPI rose... [Click here for more]

Elizabeth Warren Asks Federal Reserve to Break Up Wells Fargo

Sen. Elizabeth Warren (D-MA) urged the Federal Reserve to break up Wells Fargo, pointing to the persistent stream of scandals pouring forth from America's third largest bank by assets. Warren, who sits on the Senate Committee on Banking, Housing, & Urban Affairs, sent a letter Monday to Federal Reserve Chairman Jerome Powell asking him to revoke one of the key operating licenses to force a... [Click here for more]

Democrat Tax Hike Proposal Leaves Carried Interest Loophole for Billion Dollar Private Equity Funds

When U.S. House Ways and Means Committee Chairman Richard Neal on Monday proposed a major set of tax hikes to fund Democratic President Joe Biden's social spending plans, one tax break popular among major Democratic Party donors was left in place—the taxation of carried interest income at the lower capital gains rate. President Joe Biden's American Families Plan originally included an end to what critics describe as the carried interest "loophole," a wrinkle in the tax code that allows managers of hedge funds and private equity funds to treat some income generated from their investment activity as... [Click here for more]

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