Despite rising interest rates and more hawkish talk from Federal Reserve Chairman Jerome Powell, the stock markets keep pushing upward. Everybody seems to think the Fed has things under control and everything will be just fine. In his podcast, Peter explained why this “everything is great” attitude will have to come to an end.
The Consumer Price Index hit a 40-year-high of 7.9% in February. Of course, it’s even worse than that. The official government numbers are rigged to understate rising prices.
But inflation doesn’t just hit us with rising prices. In some cases, we pay more, but we get less. This is known as shrinkflation.
Retail sales have gone up to start the year as Americans keep spending. But what are they buying?
Inflation.
American consumers are spending hand-over-fist in an effort to keep up with surging prices.
After going from not even thinking about thinking about raising interest rates, to thinking about it, to talking about it, the Fed finally got around to raising rates last week. Peter Schiff called it the most anticipated and probably the least significant rate hike ever. So, what’s next? In his podcast, Peter said the Fed will keep raising rates … until it can’t.
The Fed launched its much-anticipated war on inflation this week. It wasn’t much of a first strike. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the Fed meeting and what might come next. He also touches on the possibility of a “petroyuan.”
This may be the dumbest thing you read today. Not my words, but this CNN article I’m about to tell you about.
The Federal Reserve wrapped up its March meeting, delivering a 25 basis-point interest rate hike in the face of a 7.9% CPI. Peter Schiff called it the most anticipated and probably the most meaningless rate hike in history.
In another sign that the inflation train is far from running out of steam, producer prices were up big again in February.
The Producer Price Index (PPI) for final demand surged 0.8% month on month. This was close to the expectation. The annual increase in producer prices came in at 10%, tying the all-time record.
The Fed is supposedly about to step into the ring to fight inflation. But all indications are it’s going to be a feckless fight.
Last week, we got another big jump in consumer prices with the February CPI data. Peter Schiff appeared on Fox News with Tucker Carlson to talk about the rampant inflation. He said it’s only going to get worse. Inflation only has one way to go.
Up.
