Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- World is on ‘tipping point’ of permanently high prices
- The global economy has reached a “tipping point” where it may be impossible to stop runaway inflation, the world’s top central banker warned, as the war in Ukraine and a US slowdown leaves Britain on the brink of recession.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Inflation is Going to Get Worse. Blame a Lack of Diesel
- It cost Carl Smith $999 to refill the 275-gallons fuel tank of his semi-trailer on Sunday for a run from Ohio to Wisconsin—and that’s just because his fuel credit card cuts off at $1,000. In the nearly 40 years he’s been driving, the price of diesel fuel has never been that high.
- The U.S. economy runs on diesel. It’s what powers the container ships that bring goods from Asia
- The farmers who grow the food you eat put diesel in their tractors to plow the fields, and the workers that bring construction equipment to build your home put diesel in their trucks.
- The price of diesel went above $5.50 a gallon in the beginning of May, and has stayed there ever since, a 70% increase from just a year ago. Diesel supplies have tightened just about every week since January and could continue to do so as more people fly, drive, and shop during the summer months, consuming more petroleum products.
- Tom Kloza, global head of energy analysis for OPIS. “We’ve already seen the highest prices in our lifetimes, and it could go even higher.”
- There are also fewer refineries, which process crude oil into diesel and other products, in the U.S. than were just a few years ago. There are just 124 now operating, down from twice as many in 1980, and down from 139 in 2016, according to the U.S. Energy Information Association. The northeast region is particularly spare, with just seven refineries today, down from 27 in 1982.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Larry Summers says Americans will have to lose jobs to ease inflation
- Former Treasury Secretary Larry Summers says the U.S. must sustain a jobless rate of more than 5% for five years if inflation is to drop.
- The U.S. unemployment rate currently sits at 3.6%.
- “We need five years of unemployment above 5% to contain inflation – in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment,” Summers said in a London speech
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Cost to finance a new car hits a record $656 per month — and auto shoppers could pay even more with latest Fed rate hike
- New car prices are up 12.6% from a year ago and used car prices are up 16.1%, according to government data.
- The Federal Reserve’s latest interest rate hike of 0.75 percentage points will push up the cost of getting an auto loan.
- Here are some tips to help keep the cost of buying a car down.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Poll: Nearly 60% of U.S. Manufacturers See Inflation Leading to Recession
- Almost six in ten American manufacturers believe ongoing inflation will lead to a recession in the United States, a new survey from the National Association of Manufacturers (NAM) finds.
- In the latest NAM survey, more than 59 percent of American manufacturers said they believe inflation is likely to spur a recession in the United States
- 52 percent said they do not believe the Federal Reserve will be able to avert a recession
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Amid record inflation, 36% of employees earning $100,000 or more say they are living paycheck to paycheck
- Thirty-six percent of U.S. employees with salaries of $100,000 or more are living paycheck to paycheck, double the share in 2019, according to Willis Towers Watson.
- The highest earners are the only income group that reported an increase over that time.
- The Consumer Price Index was up 8.6% in May from a year earlier, the highest inflation reading in about 40 years.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- BREAKING NEWS: Federal Reserve raises interest rates by three-quarters of a percentage point in the biggest hike since 1994 in a bid to slow rapid inflation
- Federal Reserve raised the interest rate to .75 per cent in an attempt to rein in the record high levels of inflation
- Officials agreed to increase at their two-day meeting that wrapped Wednesday
- It is the biggest hike since 1994
- The move will increase its benchmark short-term rate, which affects many consumer and business loans, to between 1.5% and 1.75%
- Will likely result in higher interest rates for car and home loans
- ‘We’re strongly committed to bringing inflation back down. And we’re moving expeditiously to do so,’ Chairman Jerome Powell said
- More interest rate hikes could follow in the days to come
- Voters list inflation and economy as their top concerns
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Biden threatens oil companies with ’emergency powers’ if they don’t boost supply amid inflation spike
- The letters represent Biden’s latest attempt to use executive action to curb inflationary pressure. Inflation currently sits at a 40-year high of 8.6% and shows no signs of slowing down.
- “Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing,” he continued. “My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied.”
- The letters come one day after Biden ordered the sale of another 45 million barrels of crude oil from the U.S. Strategic Oil Reserve.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Fed likely to boost interest rates by three-quarters of a point this week
- Markets are beginning to anticipate an even faster pace of interest rate hikes, and Federal Reserve officials apparently are contemplating the possibility as well.
- Fed policymakers are entertaining the idea of a 75-basis-point rate increase this week, according to CNBC’s Steve Liesman.
- Bond yields pointed to the possibility of a more aggressive Fed as the yield on the 10-year Treasury shot up to 3.37%, while the 2-year yield, which mostly closely tracks Fed intentions, accelerated to 3.34%.
- A 75 basis point move is “a real distinct possibility,” Liesman said.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- By a wide margin, Americans view inflation as the top problem facing the country today
- The public views inflation as the top problem facing the United States – and no other concern comes close.
- Seven-in-ten Americans [70%] view inflation as a very big problem for the country, followed by the affordability of health care (55%) and violent crime (54%).
- Just 19% of Americans rate the coronavirus outbreak as a very big problem for the country
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