Inflation May Decide the Virginia Governor's Race

                                                           

The top issue in the Virginia governor's race is the economy, according to a poll released Tuesday evening by the Associated Press.      November 02, 2021   Today's Top Stories From the Breitbart News Desk The top issue in the Virginia governor's race is the economy, according to a poll released Tuesday evening by the Associated Press. Thirty-four percent of voters ranked the economy as the most important issue, distantly followed by the virus at 17 percent and education at 14 percent. That's an extraordinarily high score considering that the Virginia unemployment rate is down at 3.8 percent and the Virginia economy grew rapidly in the first half of 2021. Typically, the economy only rises to the top of mind for voters when they feel something has gone wrong. So what is it that is causing just over one-third of Virginia voters to be anxious about the economy? Probably the same thing that has consumer confidence slumping across the country. Namely, inflation. That's not something that a state's governor can do much to address, but there's no law saying voters cannot raise their objections to national policies by voting against the incumbent who shares the president of the United States' political affiliation. And inflation should be front of mind for many Americans. According to the calculations of the Dallas Fed, underlying inflation is running at the fastest pace in decades. The Dallas Fed calculated what it calls "trimmed mean" inflation by cutting out the most volatile price movements to arrive at a "central tendency" inflation. Many economists think this is a more reliable indicator of underlying inflationary pressures, and studies have found that it is a more reliable predictor of future inflation. One thing it indicates is that the claims from earlier this summer that inflation was confined to just a few categories of durable goods, such as used cars, were offbase. Inflation started in a few corners of the economy and spread out from there, just as this newsletter warned it could back in August. At the end of August, Jerome Powell spoke at the annual monetary policy shindig in Jackson Hole, Wyoming. "The spike in inflation is so far largely the product of a relatively narrow group of goods and services that have been directly affected by the pandemic and the reopening of the economy," Powell said. "The test here will be whether measures such as the Dallas Fed's trimmed mean inflation gauge—which excludes prices making huge moves—rises much beyond the Fed's target," we noted. And so it has. This will undoubtedly be part of the discussion during the Fed's FOMC meeting, as they consider why they underestimated inflation and whether their current projections are any better. Certainly, if there were any remaining doubts about whether to begin the taper, September's pace of underlying inflation would be enough to extinguish them. So tomorrow's announcement of a reduction in bond buying looks like a certainty. – Alex Marlow & John Carney Breitbart News Network     TOP STORY   Underlying Inflation Jumps to Fastest Pace in 31 Years A measure of underlying inflationary pressure on the economy rose to its highest level since 1990 in September. The Federal Reserve Bank of Dallas calculates that so-called Trimmed Mean Inflation rose at an annual rate of 5.1 percent in September, the fastest monthly pace of price acceleration in 31 years. Dallas Trimmed Mean Inflation measures inflation by removing the most volatile price movements up and down from the Personal Consumption Expenditure Price Index compiled by the Department of Commerce. This metric, sometimes called a central-tendency statistical measure, is thought to produce a less noisy indicator that is better at producing future inflation than the more inclusive price index. [Click here for more]   IN OTHER STORIES... AP Poll: Economy is Top Issue for Virginia Voters Virginia voters ranked the economy as the top issue facing the state as they cast their ballots in the race for governor, according to a poll conducted by the Associated Press. Thirty-four percent of voters say the economy said the economy and jobs is the most important issue, followed by Covid-19 at 17 percent and education at... [Click here for more]   Butterball CEO: 'Reasonable to Expect' Higher Prices for Thanksgiving Turkeys Appearing Tuesday on the Fox Business Network, Butterball CEO Jay Jandrain said it's "reasonable to expect" higher prices for Thanksgiving turkeys this year as inflation and increased demand have led to a jump in food prices. A transcript is as follows: [Click here for more]   Bidenflation Stole Christmas: Holiday Spending Plans Rise By Less Than Inflation Americans expect to spend an average of $837 on gifts this holiday season, a Gallup poll released Tuesday showed. That's just under four percent more than last year's $805 figure, slightly above the average annual increase of... [Click here for more]

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