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Finally, MSM Noticed! Inflation is Already Down to Near the Fed's Targets [1]
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Date: 2023-01-06
The next CPI inflation report (for December 2022) will be out next Thursday, January 12th. At that time, most media will continue to report that inflation “is” or “was in December” about 6 or 7% (the year over year figure), although actual month-by-month inflation has been much lower since last June.
Whether the Fed’s recent interest rate hikes had anything to do with it or not (I think mostly not), inflation has already fallen to near the Fed’s target rate of 2%, and even wages are moderating in the most recent data.
Here’s a good blog from EPI on today’s jobs and earnings reports. I don’t do Twitter links either, but here’s a screen shot:
Screen capture from EPI blog: www.epi.org/...
There’s no reason for further interest rate hikes that will hurt borrowers and small businesses. Disclosure: my family runs a small business that has to borrow for inventory purchases at well above the Prime rate, which is currently 7.5%. Interest rate hikes suck for businesses trying to restock after the pandemic.
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