According to new data released on Friday, the U.S. Federal Reserve’s preferred inflation gauge accelerated again in August, keeping prices elevated near a four-decade high.
Megan Henney for FOX Business:
The personal consumption expenditures index showed that core prices, which strip out the more volatile measurements of food and energy, climbed 0.6% from the previous month and rose 4.9% on an annual basis, according to the Commerce Department. Those figures are both higher than the 0.5% monthly increase and 4.7% annual increase forecast by Refinitiv economists.
The more encompassing headline figure rose 6.2% on an annual basis after prices rose 0.3% from the previous month.
Inflation in August was stronger than expected despite the Federal Reserve’s efforts to bring down prices, according to data Friday that the central bank follows closely.
The Fed generally favors core PCE as the broadest indicator of where prices are heading as it adjusts for consumer behavior. In the case of either core or headline, the data Friday from the Commerce Department shows inflation running well above the central bank’s 2% long-run target.
MacDailyNews Take: In January, Interactive Brokers founder Thomas Peterffy said, “1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
The Fed’s current target interest rate range is 3.00% to 3.25%.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
U.S. Presidential Elections purchased by Mark Zuckerberg have consequences.
Some major Carteresque pain is required at first, to teach younger, gullible voters a valuable lesson, but, when Democrats are finally, rightfully cast into the wilderness for a decade or more, we’ll be able to enjoy the sequel to the The Reagan Revolution!
Can’t wait to Make America Great Again starting this November!
Leftists are stupid and/or evil and many of us know it.
The globalists, Big Tech censors, and the corrupt legacy media are in bed together.
The world is quickly waking up.
“Mussolini was a good politician, in that everything he did, he did for Italy. There hasn’t been any other politicians like that in the last fifty years.” – Meloni
Anyone who thinks Mussolini was a good politician is a threat to democracy. You don’t have to be a “globalist” to see how bad he was. (As if a dictator who invades foreign countries or a NY businessman with golf courses and hotels around the world and millions in Saudi loans isn’t also “global”.) People need to wake up and examine those leaders who spend most of their time angling for increased political power (for life, if possible) with no significant checks and balances. Stop expecting one ego-driven politician to have all the answers. Nobody and no single faction has all the answers. Modern Mussolini wannabes are definitely a threat to citizens’ freedom no matter how patriotic they claim to be.
Mussolini, for those who conveniently forget, was killed in 1945 before he was brought up on his war crimes while attempting to flee to Switzerland with a cache of stolen funds. The crimes were almost too numerous to mention here.
Much like Putin is attempting today with his vision of a new USSR, Mussolini was obsessed with the vision of re-assembling the Roman Empire. And from a PR perspective, his megalomania sold well. But before too long, like any other cult leader, if anyone questioned his judgement, he resorted to increasingly undemocratic and brutal tactics to accrue power, including press control (“cancel culture” and “censorship” anyone?). Some things never change.
In 1935, he invaded Abyssinia using the flimsy excuse that the invasion was a jobs program for the Italian people. He used chemical weapons in his invasion of Ethiopia, killing an estimated 100k people. In his genocide in Libya, he ordered the Italian army to slaughter the Bedouin cattle herds, prompting civilian starvation. Italian tanks ran over civilians in the street; at least 40k died of disease and starvation in concentration camps.
In 1939, when it was very clear to the democratic world that Hitler had no peaceful intentions, Mussolini signed the “Pact of Steel” to formally join the Axis powers. Collaborating with his pal Hitler, he rounded up Jews in Italy leading to untold thousands of deaths in concentration camps. Mussolini used mafia and paramilitary thugs (Blackshirts) to terrorize minorities and political opposition. (Proud Boys anyone?) In 1941 he launched unprovoked attacks on Yugoslavia and Greece with Germans. Any Greeks suspected of resisting the illegal invasion were shot in the street, and farmlands burned. Approximately 300k Greeks died in the resulting famine. By 1943, Mussolini had lost the support of even his own military leaders. The Grand Council, which had previously given him a lifetime appointment in office, was removed via no confidence vote on July 25, 1943. Mussolini was charged with war crimes but went on the lam with Nazi support.
Meloni praises such a madman, and therefore she needs to be critically reviewed. It is sad that any American would use a tech blog to voice support for neo-fascism, so one would assume this post must be foreign propaganda. I urge MDN moderators to remove this off-topic propaganda that has absolutely nothing to do with Macs.
There have been a number of politicos on the left–in both the Obama & Biden Admin that praise/praised Mao & the CCP. As well, O and JB are actively involved in communication shut-down over what they deem “proper” and there’s a proven/confirmed connection to businesses that help execute their ideals (Fascism 101) Let’s not forget, it was just weeks ago, Biden’s Ministry of Proper Thinking was shutdown b/c of the publics’ revolt against the fascistic “we know better than you” program (Disinformation Governance Board). If that isn’t another example of ACTUAL fascism, I don’t know what is…and you whine about some person’s words and not action.
BTW, I love when the elite “do-gooders” on the left speak out against the supposed fascists on the right and then propose the solution is to limit their views because “THEY” know what’s best…ala, Trudeau, Ardern, Schwab and many more. These are politicians actively promoting fascist means in real time.
If Meloni shows fascism in action, dispose of her yesterday. Until then, conservatism does NOT equate to fascism…regardless of the words.
I largely agree, save for one thing.
Conservatives that try to unconstitutionally legislate their beliefs upon others are limiting the freedoms of others, and thus are behaving as fascists.
It would be helpful if you’d name such an example. The only belief I know that would “fit” is abortion (although it’s not “unconstitutional”). The most important factor per that “belief,” it’s an act, by definition, to save another human being…not some opinion, or policy. I understand the majority of those supporting abortion don’t think it’s a life…therefore, they are most likely to see legislating for a/the life, as fascistic.
It’s worth noting, 100% of the people reading this were at one point in the state & process that some deem worth killing for convenience, or choice. The DNA existing then is the same DNA today. That sounds pretty human. “Viability: is a straw-man argument, btw.
What other “conservative” legislation is limiting the freedom of others that’s not “constitutional?
To be clear, whether I like or condone something is quite different from whether it’s constitutional or not.
Going back to Reagan, nationalistic behaviors such as standing during the National Anthem, the recitation of the Pledge of Allegiance, restriction of lyrics in popular songs and media, anti-pornography, and anti-birth control measures, I can go on.
In the past five years, government authorities (not me and you) advocated for firing players who kneel, there are anti-gay marriage legal attempts, anti-trans bathroom laws, “don’t say gay” laws. Book burnings and banning. Even Boebert and Taylor-Greene are on record opposing the separation of church and state (thus ignoring the 1st amendment) and advocating the establishment of the US as a Christian nation.
To name a few…
Says you. TheDonald praised Xi at the soul-stirring conference that suddenly changed the CCP into good friends and trusted Ivanka fashion suppliers. But apparently in your biased little head those were just words, only the other side is tarnished by dealing with foreign leaders.
Meloni, like all politicians, says whatever crap gets her support in front of whoever she is speaking to today, and will happily say the opposite to a different audience tomorrow. But Steve is correct that Meloni’s modern christian nationalist supporters are very much from the same origins as mass murderer Mussolini. If you complain about things like censorship or election interference today, you should be honest about which groups are really trying to do it.
Regardless, Meloni will accomplish no more than the last 50 years of ineffective leadership and dysfunctional government in Italy. Meloni has no concrete plans to fix anything. She’s telling you what you want to hear while enriching herself. Her narrative paints a picture of a prosperous past that relatively speaking hasn’t existed for Italy since before Napoleon walked in and easily took it over. The vision that Italy was better when all were white Catholic theocrats is bs. Great times haven’t existed in many generations in Italy by any objective measure not because of socialism but because of corruption by mafia especially under plainly self-serving conservative regimes like Berlusconi. Meanwhile those darn “marxists” in northern Europe have run economic circles around Italy.
Today it seems no right wingers ever use comparative data, they just label and scapegoat. Socialism in Scandinavian countries has delivered measurably superior well being to all their citizens compared to Italy, and will continue to do so no matter how rightward Meloni or any other populist tries to veer. She should try to clean up the corruption but that’s not part of her agenda. She’s busy attacking minorities and non Christians like it was 1930 again. Just words though, so you can pretend it doesn’t matter.
In other computer news, MDN is awfully silent in their former support for British conservative leaders. Wasn’t Brexit going to deliver great freedom and prosperity? Maybe Empty Pantsuit just needs more Thatcheresque speeches to stop Britain’s economic self implosion. So sad.
FO, leftist demagogue.
Exactly.
By the way, the short quote upon which “steve88” ham-fistedly bases his entire baseless spew of demagoguery was made by Meloni in 1996, when she was just 19 years old.
Has anyone ever tried to make a point, but done so a bit roughly at the age of 19?
(For the “steve88” and the rest of the obtuse, her point was elect a leader for Italy who’s Italy First, not a pawn of the EU globalist establishment elite.)
I’m not being sarcastic. I get more useful info that’d be difficult to find anywhere else from the MDN comment section more often than not.
Fools like steve88 throw that Meloni quote around without explanation (she said the name “MUSSOLINI!” OMG! Where’s my safe space!) without mentioning that she was 19 years old at the time and that her central point is sound: Italian leaders should be “Italy First,” just like American leaders should be “America First.”
Thank you for your elucidation, First Then.
Except, when you say “first” you really mean “white and only”.
Hitler was democratically elected too you imbecile.
Then, from Wikipedia…
“The groundwork for the Nazi dictatorship was laid when the Reichstag was set on fire in February. Believing the communists were behind the arson, Paul von Hindenburg passed the Reichstag Fire Decree, which severely curtailed the liberties and rights of German citizens. Using the decree, Hitler began eliminating his political opponents. In Hitler’s eyes the decree was insufficient and he proposed the Enabling Act of 1933. This law gave the German government the power to override individual rights prescribed by the constitution. The law also gave the Chancellor (Hitler) emergency powers to pass and enforce laws without parliamentary oversight. By April, Hitler now held de facto dictatorial powers and ordered the construction of the first Nazi concentration camp at Dachau for communists and other political opponents. Hitler’s rise to power was completed in August 1934 when President Paul von Hindenburg died. Hitler merged the Chancellorship with the Presidency and became the Führer of Germany.”
You gaslighting SOB!
socialism is death??????
OK, whatever. We all die eventually. Statistically, Americans die younger than citizens in practically all the “socialist” nations you love to hate.
Perhaps the problem is that you can’t understand how mixed economic models are necessary to provide better outcomes for all. It’s been that way since Washington begged Congress to fund a standing Continental Army, funded by taxes on your great great great grandpappy. “Support Our Troops” bumper stickers literally define what socialism is. Everybody pitches in together to fund stuff like the Military which is too complicated for any individuals to pull off. You may think your local militia is tough but I very much doubt you could ever develop a SAM or a drone or any current military weapons systems. Your taxes fund the specialists who do. Every time you demand lower taxes, you literally demand them to slow their work.
You supposed patriots should have figured out by now that other things besides defence require all citizens to fund. Streets don’t pave themselves. For profit corporations don’t do nonprofit work. I doubt you want everything you do in life to be a financial transaction with a profit-maximizing company from the millisecond you step off your front porch, paying tolls everywhere you go. I like that we have socialist mechanisms in the US to serve the public commons.
If socialism is death in your twisted view, why do Scandinavian countries whip the US is practically all measures of health, education, wellbeing, prosperity, and happiness?
Maybe you should start a company that specializes in privatizing government services in a way that guarantees that citizens get better results per their assessment, at lower costs than today.
Can’t wait to see your business plan!
“f socialism is death in your twisted view, why do Scandinavian countries whip the US is practically all measures of health, education, wellbeing, prosperity, and happiness.”
Because they sent all their fascists over here? Maybe? 😉
Certainly NOT the Biden or Demagogue Party “preferred gauge.”
Yes indeed, FT. Vote the incompetent woke word wizards OUT and vote candidates that actually FACE problems head on, then FIX the problems…
?
I much prefer a bear market, record high gas prices, men in the ladies room with my wife and daughter, out of control crime, sky high food and consumer goods prices and an open boarder to Trump! Go Brandon and Kamala! Imagine what they can accomplish in the next six years! The sky is the limit (literally)!
No Shakira, we have gutter trash in the White House
No shock that should be
And still it’s a monumental improvement!