alt Hacker NewsU.S. October PPI Rises 6.5% YoY, Highest in Nearly Four Years
U.S. producer prices rose 6.5% YoY in October, the highest since November 2022, below expectations of 6.6% and up from 6.3% previously. PPI increased 0.3% MoM, below the expected 0.4%, while September’s reading was revised up from 1.3% to 1.4%.
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Is it okay to post something like this without a source link?
We really need to reduce the fiscal/govt budget deficit. It's basically printing trillions per year, and as confidence in the soundness of the USD decreases, demanded interest rates rise, and increase the deficit further. The interest payments are already larger than the defense budget, about $1T/yr. It's an emergency at this point. The old method of raising interest rates to cool inflation isn't effective anymore with this sort of fiscal deficit, because it increases the interest payments, and effectively increases the rate of money printing, counteracting the effect of the decrease in private credit creation.
Fed rates and bond market rates going up.
https://blog.sentinel-team.org/p/special-report-rising-bond-...
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch...
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Broken record, but don't lose sight of how we got here. Covid caused massive inflation because of the supply shock and all the money giveaways, mostly to businesses (i.e., wealthier Americans where the wealthier the person the more money they were given, no strings attached).
People blame Biden (and Trump) for that, amongst other things related to Covid, so what do they do? Vote the party into power that loves nothing more than tax cuts so they do what they do and cut taxes aggressively on those same people who benefitted the most from Covid inflation (i.e., the wealthy) when almost all of their net worths have gone through the roof, which is precisely when you can raise taxes to account for the over-aggressive Covid handouts.
And even after all of that, when it looked likely the US was actually getting inflation under control, the same party doesn't put up any fight against its leader who rams through nonsensical tariffs and then starts a war that obviously will (and does) spike the price of the great elixir of growth, a material increase in the price of pretty much everything produced on earth.
As I said when the election happened, people finally woke up, but I just gotta say you cannot hate the politicians enough who caused all of this. Oh, and now we have the party that doesn't know how to balance a checkbook coming into (some) power to further exacerbate the whole thing (and thank god they are because the other guys are straight up crooks, but, man, if this doesn't end poorly there's no justice in the world (and I say that not in some gleeful way, but shouldn't there be some repercussions for the absolute idiocy we've seen these past 6 years or so?)).
Sorry for ranting. I just am so so mad because when you say "who is responsible for this?" people either raise their hands and say "wasn't me!" or, worse, point at the person next to or across the aisle from them. Maybe the silver lining is we're all responsible because we just stick our heads in the sand and let this go on (though, again thank god the election shows at least a little bit of a comeuppance. That's not a partisan comment if you can believe it!).
I'll gladly pay you Tuesday for a hamburger today.
Just wanted to thank everyone for not making snarky jokes about bitcoin.
DAMN YOU, OBAMA!
Well, yeah.
That's what happens when you put a person with no concept of what economic restraint is in the Oval Office and let him run the country like his own business ventures, which included a casino that went into bankruptcy. The nearly recession-proof business model could not weather his management style. And of course, he claimed a tax credit he didn't deserve on the write-off of said casino, just like many of his ilk have over the last generation or two, which has contributed to deficit spending, which in turn has been "dealt with" by quantitive easing (read: the Fed printing money backed by nothing).
It's been a f*cking decade of this guy. How are people still surprised that this is the outcome? And when are we going to legally do something decisive about it? I watched my late 20s and early 30s get fed through an economic shredder by this clown. Life milestones are passing my generation by.
I hate that they always say "highest" in X years. It's worse when they're like .. its the highest in 19 months or something inane like that.
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Here's the actual report https://www.bls.gov/news.release/ppi.nr0.htm