The good news is that The Federal Reserve finally cooled inflation.
Well, at least core inflation cooled to 4%, twice The Fed’s target rate.
At least The Fed is making progress. But on the housing front, shelter CPI is still up 6.7% YoY while transportation services are up 9.2% YoY. So, as long as you don’t have to rent or go anywhere, inflation looks good!
Shelter CPI is over 3x The Fed’s inflation target rate, despite mortgage rates being up 169% under Biden.
The 10-year Treasury yield cooled to 4.50% as investors see no further action from The Fed … at least until 2024.
Yes, investors forecast big cuts in interest rates in 2024 as the election approaches and The Fed attempts to push our befuddled, nasty Commander-in-Chief over the finish line. Instead of Mean Joe Greene (former Steeler great), we have Mean Joe Biden.
The US economy is still under the thumb of The Federal Reserve. Perhaps The Fed will annouce that the last rate hike was the last time. But you don’t have to be a fortune teller to know The Fed will be cutting rates like crazy as the election approaches.
At least California Governor “Greasy Gavin” Newsom cleaned up The Streets of San Francisco ahead of China’s XIe meeting with President Biden. Here is Biden singing his favorite song about China “If You’ve Got The Money, I’ve Got The Time.”
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