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 will clobber “entitled generation” of consumers, BlackRock president says
- It’s been at least 40 years since inflation was as high as it is today, and that means an entire generation of “entitled” consumers is about to learn some very rude lessons about life and money, according to BlackRock President Rob Kapito.
- “For the first time, this generation is going to go into a store and not be able to get what they want,” Kapito said, according to Bloomberg News.
- “And we have a very entitled generation that has never had to sacrifice,” he said, according to the outlet.
- Fink wrote: “Central banks must choose whether to live with higher inflation or slow economic activity and employment to lower inflation quickly.”
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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:
- Powell says ‘inflation is much too high’ and the Fed will take ‘necessary steps’ to address
- Powell said the Fed will continue to hike rates until inflation comes under control, and could get even more aggressive than last week’s increase, which was the first in more than three years.
- The sudden policy tightening comes with inflation as measured by the consumer price index running at 7.9% on a 12-month basis. A gauge that the Fed prefers still has prices up 5.2%, well above the central bank’s 2% target.
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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:
- Russia’s Ukraine war threatens to blow US food prices sky-high
- Inflation nearing a dangerous high, experts warn
- It began with a rapid rise in gas prices. Now, with Russian oil banned in the United States and energy scarcity heightened globally, experts say shoppers can expect their grocery bills to rise in coming months
- Russia and Ukraine produce 25% of the global wheat supply, according to the Observatory for Economic Complexity. While neither of these countries export wheat to the U.S. directly, their absence from the global market is expected to strain supply and push prices higher.
- “It comes an absolutely horrible time for American consumers because we’re looking every day at inflation almost reaching 10%,” Dan Varroney
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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:
- Psaki says Biden ‘can’t do much’ about skyrocketing gas prices, again blames Putin and says record 7.9% inflation will be ‘temporary’ after President said it would be ‘short-term’ last spring
- White House press secretary Jen Psaki doubled down on blaming Vladimir Putin for rising inflation in the U.S.
- Came after Biden blamed Vladimir Putin, thought the latest report does not capture the full impact of Russia’s invasion
- US Consumer Price Index rose 7.9 percent in February from a year ago, the most since June 1982
- Soaring prices are affecting food, clothing, shelter and other basic necessities for regular Americans
- Gasoline has continued to skyrocket since the February report, suggesting inflation will only get worse
- It is adding to political pressure on Biden and congressional Democrats ahead of the key midterms
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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:
- Record gas prices are pushing up everyday costs, dampening economic recovery
- Americans are facing sticker shock at gas stations across the country, but surging global energy costs are rippling through the economy in other ways, too:
- Airlines are scaling back on flights. Truckers are adding fuel surcharges. And lawn care companies and mobile dog groomers are upping their service fees.
- The average price for a gallon of gas jumped 13% this week, according to AAA. Overall gasoline prices are up 38% from a year ago, according to the Labor Department’s latest inflation figures.
- Goldman Sachs this week lowered its forecast for annual U.S. economic growth, citing “higher oil prices,” and said there is a risk the United States will enter a recession in the next year.
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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:
- Joe Biden’s America: Anxiety Spikes as Americans Report High Levels of Stress Due to Rising Prices
- Americans are experiencing a spike in anxiety due to rising prices, supply chain issues, and global uncertainty, the American Psychological Association’s annual “Stress in America” poll revealed.
- The survey found a whopping 87 percent of Americans identifying “rise in prices of every day items due to inflation (e.g. gas prices, energy bills, grocery costs)” as a significant source of stress.
- 87 percent said that it “feels like there has been a constant stream of crises without a break over the last two years,” and 73 percent say they are “overwhelmed by the number of crises facing he world right now.” Further, 69 percent are worried the Russian invasion of Ukraine will lead to nuclear war, and the same percentage fear these are the beginning stages of a WWIII.
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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 Reaches New High as Consumer Prices Jump 7.9%, Highest in Four Decades
- The Department of Labor said that the consumer price index rose 7.9 percent compared with a year ago. Prices were up 0.8 compared with the prior month.
- This is the ninth straight month of inflation above 5 percent. Prices rose at an annual rate of 7.5 percent in January, jumping 0.6 percent from December.
- Compared with a year ago, core prices were up 6.4 percent, the fastest pace for this measure since August 1982.
- Surge in oil and gasoline prices. Those are likely to push inflation even higher in March.
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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:
- Dow drops nearly 800 points as market turmoil continues from Russia-Ukraine war, inflation fears
- Stocks fell again on Monday, following four straight weeks of declines, as investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy and raise inflation.
- The Dow Jones Industrial Average lost 797.42 points to close at 32,817.38, dragged down by a nearly 8% loss in American Express
- The S&P 500 declined close to 3% to 4,201.09, falling deeper into correction territory. The 500-stock average sits more than 12% from its record close.
- The Nasdaq Composite lost 3.6% to 12,830.96, and now sits in bear market territory, more than 20% from its all-time close.
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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:
- Food prices jump 20.7% yr/yr to hit record high in Feb, U.N. agency says
- Higher food prices have contributed to a broader surge in inflation as economies recover from the coronavirus crisis and the FAO has warned that the higher costs are putting poorer populations at risk in countries reliant on imports.
- FAO said its vegetable oils index rose 8.5% month-on-month in February to chalk up another record high
- Ukraine and Russia account for about 80% of global exports of sunflower oil.
- The cereal price index rose 3.0% on the month, with maize prices up 5.1% and wheat prices increasing 2.1%
- AO’s dairy price index increased 6.4%, its sixth consecutive monthly rise, underpinned by tight global supplies
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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:
- Shock gas, grocery price hikes spur states to pursue tax relief
- Rapidly climbing inflation in the U.S. is accelerating calls from governors and state leaders to provide immediate tax relief to cash-strapped residents facing higher prices on everyday products such as gas, milk, and electricity.
- The governors of Maine and Kentucky this week joined a sweeping number of states — including Illinois, California, Massachusetts, Florida, Alabama, Washington, and Missouri — who are considering offering quick but temporary relief to taxpayers crushed by a relentless surge in inflation in recent months.
- The consumer price index — which measures what Americans pay for goods and services — reached another 40-year high last month, soaring to 7.5% due to strong consumer demand and pandemic-related supply disruptions.
- State lawmakers’ tax relief wish list runs the gamut from food store purchases to property tax to relief at the pump to household cleaning supplies, and even, retail and vehicle sales.
- There are 13 states that tax groceries — and now, Oklahoma, Kansas, Mississippi, and Virginia are among several considering phasing out the levy applied on food purchases entirely or at least temporarily.
- Republican Florida Gov. Ron DeSantis also wants to provide $1 billion in relief to suspend the state’s gas tax for millions of Floridians for five months, helping the average family to save $200
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