Fed Officials Predict More Rising Inflation Numbers
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Fed Officials Predict More Rising Inflation Numbers
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The rising inflation numbers have major negative impacts on Americans’ personal finances, with savings accounts and retirements becoming less valuable. Making ends meet is harder every month as gas prices, groceries and more continues to rise. Meanwhile, the high inflation continues to weaken the U.S. dollar globally and pushes the Fed to raise interest rates, which could send us toward a recession.
From CNBC News: Prices at the wholesale level jumped twice the expected level in January as inflation pressures were unabated to start the year, the Labor Department said Tuesday.
The producer price index, which measures final demand goods and services, increased 1% for the month, against the Dow Jones estimate for 0.5%. Over the past 12 months the gauge rose an unadjusted 9.7%, close to a record in data going back to 2010.
Excluding food, energy and trade services, co-called core PPI climbed 0.9% for the month, well ahead of the 0.4% estimate. For the 12-month period, the measure increased 6.9%. Both core and headline PPI gains over the year were 0.1 percentage point lower than the record levels hit in December 2021…
The increases come amid burgeoning inflation across the economy, with consumer prices running at a 40-year high…
Fed officials plan to act soon to contain the price rises, with interest rate hikes expected to begin in March and continue throughout the year. The White House in a statement said it respects the Fed’s independence and urged Congress to vote on two nominees to the board of governors.
President Joe Biden “will continue to make progress on his three-part plan of addressing supply chain disruptions; lowering kitchen tables costs with his Build Back Better agenda; and promoting more competition,” the statement said…
Market-based inflation measures over five- and 10-year spans remain elevated but are off the spikes they saw in November 2021.
Still, the Fed is prepared to tighten monetary policy after two years of unprecedented accommodation. Nearly all central bank policymakers say they expect a rate increase next month, and the market is pricing in a strong possibility of a 1.75 percentage point increase by the end of 2022.
How are you praying for the economy? Share in the comments.
(Excerpt from CNBC News. Photo Credit: Getty Images)
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Psalm 50:14,15 Sacrifice a thank offering to God, and fulfill your vows to the Most High. “Call upon Me in the day of trouble; I will deliver you, and you will honor Me.”
Dear Heavenly Father, I thank You for Your mercies that are new each morning. I thank You for Your unwavering love and devotion. I thank You for the atoning sacrifice of Jesus Christ, Your only begotten Son. I thank You for sending the Holy Spirit after Your Son’s work was done. I thank Your for this nation which is now in desperate need. I pray in thanks for Your help. I ask that a spirit of repentance will fall heavily on the hearts of those working in opposition to our economic health. You know each one intimately. Help us in this need, in the need to end abortion, end lawlessness, end drug abuse, and an end to all things ungodly. I make this appeal in the Names of the Father, the Son and the Holy Spirit. Amen
Father, we need You! Daddy, the giants are calling our names while raising haughty eyes to the God of heaven! Confound, confuse and bring to nothing every evil plan to create a God-less slave state and bring many, many to salvation.
Thanks, Daddy.