Inflation number hits 9.1% higher than 40+ years.

Seattle WA

Description

Inflation surged an unexpectedly strong 9.1% last month, raising the risk of even steeper rate hikes from the Federal Reserve as Americans get pummeled by record gas prices, soaring rents and stiff grocery bills. The dismal June reading released by the Labor Department on Wednesday — the highest since November 1981 — will ratchet up pressure on President Biden, who has faced widespread criticism over his muted initial response as higher prices slammed household budgets. The data also stoked speculation about stiffer rate increases from the Fed, which hiked its benchmark interest rate by three-quarters of a percentage point for the first time since 1994 after a higher-than-expected inflation reading a month earlier. Investors are currently betting on another three-quarter percentage point hike later this month, with a one-in-three chance of a full-point hike, according to Bloomberg. First comes inflation and right around the corner is a recession. I have to wonder if we will be in a depression by 2024. Biden has blamed Trump, Putin, and the oil companies for inflation. Who will he blame next is anybody's guess.