"Inflation is coming down"

[IlliniApp]

Some economist are forecasting cut in fed rates next month.

Not any more

 

[IlliniApp]

He's going to have to force the Fed to cut rates before the election to stand even a snowball's chance at reelection. And that's the worst thing you can do when prices are still rising... it's going to be a disaster either way. I say 'he', when I really mean 'they' - they being the folks that are actually running the country. 'He' probably doesn't even know his name.

You are correct, but I couldn't "like" the post as it exposes our current sad state of affairs.

 

[IlliniApp]

Inflation has run the cost of housing up. But many items are much cheaper than they were in 2021. Lumber has returned to rates not seen in a decade. Plywood is much below peak.

Some major ag commodities like corn and soybeans at 5-year lows. Lots of cheap wheat coming out of Ukraine and Russia.

 

[TerryRohrer]

"New data from the U.S. Treasury Department shows that the national debt rose from $34.155 trillion on February 1st to $34.368 trillion on February 23rd."

$213,182,743,000 Piled Onto US National Debt in Just 23 Days As Former IMF Chief Economist Says He’s Extremely Worried About Borrowing Binge - The Daily Hodl

A former International Monetary Fund (IMF) chief economist is sounding the alarm about the US government's insatiable thirst for debt.

dailyhodl.com

 

[Fernando]

MSN

Galanti, who retires on March 15, said during the call that the company had expected inflation of as much as 1%, but the actual number came in lower.

"Anecdotally, everything from simple items like reading glasses from $18.99 to $16.99, the 48-count of Kirkland signature batteries from $17.99 to $15.99, a 24-count of Pellegrino from $16.99 to $14.99, and even four pounds of frozen fruit for $14.99 down to $10.99 with new crop pricing."

 

[Terrel L. Shields]

https://www.foxbusiness.com/economy/goldman-sachs-ceo-warns-inflation-may-prove-stickier-expected

Stickier than expected.

 

[Fernando]

Oil price over $80/barrel. I see the increased in gasoline prices this week.
Terrel the oil expert, is it partly because of CA changing back to the costlier summer gas blend about this time?

 

[Terrel L. Shields]

Oil price over $80/barrel. I see the increased in gasoline prices this week.
Terrel the oil expert, is it partly because of CA changing back to the costlier summer gas blend about this time?

Nope. I don't think so. The Intl Energy Agency has juggled their numbers and are more closely aligned with OPEC estimates. That meant there are less reserves than previously touted by the IEA. And we are seeing solid demand out of India but not China. There is some impact from the attacks in the Red Sea but geopolitical risk (which was about $20/bbl at the start of the Russia-Ukraine war) is probably less than $5 a barrel. If they manage to sink a tanker, then that risk will spike.

This is the time that the change over occurs between winter and summer blends but refiners are running at 85% plus capacity (which is relatively high) and they are seeing more gasoline demand.

 

[Fernando]

I do see a correlation when Wall Street does well, Oil prices go up. Economy must be doing well.

However, I was at supermarket this morning and this old lady was cheaper than me. She asked for a free food item to eat and the counter guy gave one to her.
And when I was checking out, another old lady appeared to be using EBT (free government food?) card.
Made me wonder if old people on social security is having hard time making ends meet.

 

[Terrel L. Shields]

Made me wonder if old people on social security is having hard time making ends meet.

Well, if you retired 20 years ago and are now say 82... the average salary US wide was less than $29,000/yr. your SS check would be $841 according to the SS calculator. Now take $200 plus out for part B... my supplemental is another $330. So how much is left?