Biden's bad news on inflation

[binsfeldcyhawk2]

Last week, President Biden got the jobs report he wanted. Today, he got the inflation numbers he didn't.
Why it matters: Inflation is rearing its ugly head again and it's a nightmare for Biden on several fronts.

• Stubbornly high prices undercut his argument that the economy is much better than many Americans are willing to admit — or at least tell pollsters.
• It also means that Fed Chair Jerome Powell is likely to wait for more data before starting to lower interest rates. A June cut — which forecasters had been expecting — appears less likely.
• For voters, that will translate into higher borrowing costs for longer — and closer to Election Day.

Driving the news: The Consumer Price Index rose 0.4% in March, the Bureau of Labor Statistics reported Wednesday, coming in hotter than expected.

• Perhaps more troubling for the White House: the core measure — which excludes food and energy prices — rose at an annualized pace of 4.5% in the last three months. That suggests the inflation isn't just high. It's also stubborn.
• Financial markets staged their own little protest, with a selloff in the bond and equities market.

What they are saying: The CPI numbers forced Biden to acknowledge that the Fed isn't likely to cut rates at its next meeting.

• "This may delay it a month or so, I'm not sure of that. We don't know what the Fed is going to do for certain," Biden said, when he was asked about it during his press conference with Japanese Prime Minister Fumio Kishida
• He reaffirmed his prediction, made last month, that the Fed will cut rates before the end of the year.

• "Look, we have dramatically reduced inflation from 9% down to close to 3%," he said. "We're better situated than where we were when we took office, where inflation was skyrocketing."

Reality check: The annual inflation rate was 1.4% when Biden took office in January of 2021, according to BLS.

The intrigue: Former Treasury Secretary Larry Summers, a persistent Biden critic on inflation, raised the possibility that the Fed might be forced to increase interest rates in June.

The bottom line: The CPI number wasn't good news for the White House, but it's just one monthly report.

• As readers of Axios Macro know, the Fed actually looks more closely as a separate inflation gauge — the Personal Consumption Expenditures price index, or PCE, which is out Thursday — when it makes its interest rate decisions.

https://www.axios.com/2024/04/10/cpi-inflation-report-biden-march

 

[Huey Grey]

You mean corporate greedflation.

 

[TunzaHawk]

You mean corporate greedflation.

No, people buying too much shit they don’t need and government spending too much money compared to it’s revenue.

 

[jonesy5960]

You mean corporate greedflation.

It's called capitalism.

 

[Huey Grey]

It's called capitalism.

Oh I agree. Price gouging is most certainly capitalism.

 

[Huey Grey]

No, people buying too much shit they don’t need and government spending too much money compared to it’s revenue.

No, the bulk is from jacked up prices unrelated to government spending or supply chain issues.

 

[What Would Jesus Do?]

You mean corporate greedflation.

Definitely one of the top reasons.

 

[What Would Jesus Do?]

No, people buying too much shit they don’t need and government spending too much money compared to it’s revenue.

And this, too.

 

[ericram]

While inflation ticked up the US is doing better than any other country and our economy is soaring. Also inflation is still 40% of it was before Biden took over.

 

[binsfeldcyhawk2]

Also inflation is still 40% of it was before Biden took over.

It was 1.4% when Biden took over.

 

[ericram]

It was 1.4% when Biden took over.

Where did you find that? It was 7%

 

[Hawki97]

Bins - my man! Been a while. You decide to take the plunge and just turn Trump 2024 yet?

 

[binsfeldcyhawk2]

Where did you find that? It was 7%

Where the F are you looking?

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on aseasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,the all items index increased 1.4 percent before seasonal adjustment.

https://www.bls.gov/news.release/archives/cpi_02102021.pdf

Year​

Jan​

Feb​

Mar​

Apr​

May​

Jun​

Jul​

Aug​

Sep​

Oct​

Nov​

Dec​

Ave​

2021​

1.4​

1.7​

2.6​

4.2​

5.0​

5.4​

5.4​

5.3​

5.4​

6.2​

6.8​

7.0​

4.7​

Current US Inflation Rates: 2000-2024

The annual inflation rate for the United States was 3.5% for the 12 months ending March, compared to the previous rate of 3.2%, according to U.S. Labor Department data published on April 10, 2024. The next inflation update is scheduled for release on May 15 at 8:30 a.m. ET, providing information...

www.usinflationcalculator.com

 

[CLUB215]

It was 1.4% when Biden took over.

In Jan 2021 Covid was so bad even Iowa had a mask mandate

 

[ericram]

Where the F are you looking?

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on aseasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,the all items index increased 1.4 percent before seasonal adjustment.

https://www.bls.gov/news.release/archives/cpi_02102021.pdf

Do you even know the difference between the CPI and inflation?

 

[binsfeldcyhawk2]

Do you even know the difference between the CPI and inflation?

You serious? Where are you getting your 7% rate for Jan 2021?

 

[Gus is dead]

You mean corporate greedflation.

Sure. I guess that is the new Biden disinformation campaign yeah.

But....you cant have it both ways. You cant say, 'hey look at the DJIA!" on one hand then complain about corporate profits on the other. If you are being consistent anyway.

 

[Gus is dead]

Oh I agree. Price gouging is most certainly capitalism.

Price controls always work well.....JFC you are another kind of uninformed. Im being kind here.

 

[nelly02]

It was 1.4% when Biden took over.

You know you are being disingenuous when you say this but it goes against your narrative so you run with it.

You complain about Biden trolling Trump in a funny way in a tweet saying it isn't presidential yet crickets from you when trump posts a picture of Biden tied up in the back of a pickup. Now this. Your shtick is boring and old time to retire it and just admit you are a partisan hack who can't cut it

 

[Rifler]

You mean corporate greedflation.

No,.. this is the Bidenspendingtoomuchofotherpeoplesmoneyflation,.. Inflation Reduction Act my ass.

 

[ericram]

No,.. this is the Bidenspendingtoomuchofotherpeoplesmoneyflation,.. Inflation Reduction Act my ass.

So you are saying inflation is not down? Did we have a recession?

 

[Rifler]

Current US Inflation Rates: 2000-2024

The annual inflation rate for the United States was 3.5% for the 12 months ending March, compared to the previous rate of 3.2%, according to U.S. Labor Department data published on April 10, 2024. The next inflation update is scheduled for release on May 15 at 8:30 a.m. ET, providing information...

www.usinflationcalculator.com

 

[seminole97]

Oh I agree. Price gouging is most certainly capitalism.

The definition of ‘gouging’ is someone paying more than they’d like to, but less than they’re willing to.

I’ll always prefer that condition to the empty shelves that come with the socialist distribution of goods.

 

[Finance85]

You mean corporate greedflation.

That can't happen without massive increases in the money supply. You are also blissfully ignorant about the other major driver of inflation since Biden took office.

 

[Finance85]

You know you are being disingenuous when you say this but it goes against your narrative so you run with it.

You complain about Biden trolling Trump in a funny way in a tweet saying it isn't presidential yet crickets from you when trump posts a picture of Biden tied up in the back of a pickup. Now this. Your shtick is boring and old time to retire it and just admit you are a partisan hack who can't cut it

Nope

 

[Rifler]

So you are saying inflation is not down? Did we have a recession?

Stop moving the goalposts and read my lips,.. I'm saying that Biden caused a majority of this with reckless unnecessary spending..

 

[Finance85]

While inflation ticked up the US is doing better than any other country and our economy is soaring. Also inflation is still 40% of it was before Biden took over.

$34T

 

[KFsdisciple]

Come on guys don't worry! It's TRANSATORY!

The federal government keeps spending money at alarming rates. The deficit increases 1 Trillion dollars every 100 days. That's what's driving inflation. To that point, it's on everyone on both sides of the aisle. Biden lies and says he's reduced the deficit and he hasn't, he may have reduced deficit spending, but only spending $3 for every $1 of revenue the government has versus say $5 for $1 isn't reducing the deficit, it just slows the rate at which we are over-spending.

You have to go back to Clinton to find the time when we had a balanced budget, and that was with a republican congress.

Congress has the power of the purse and until they rein in spending and we have a president that is committed to balanced budgets both sides are to blame here.

 

[jneffer]

No,.. this is the Bidenspendingtoomuchofotherpeoplesmoneyflation,.. Inflation Reduction Act my ass.

what - specifically - did biden do in the first 60 days that caused inflation to triple?

 

[binsfeldcyhawk2]

You know you are being disingenuous when you say this but it goes against your narrative so you run with it.

Wut?

The poster I responded to said inflation was at 7% in January of 2021 which is demonstrably false.

I'm sorry if correcting the record is a "narrative" in your eyes.

 

[nelly02]

Wut?

The poster I responded to said inflation was at 7% in January of 2021 which is demonstrably false.

I'm sorry if correcting the record is a "narrative" in your eyes.

Ok double down just know you aren't dealing with morons. We know what you are doing

 

[LunchBox50]

You know you are being disingenuous when you say this but it goes against your narrative so you run with it.

You complain about Biden trolling Trump in a funny way in a tweet saying it isn't presidential yet crickets from you when trump posts a picture of Biden tied up in the back of a pickup. Now this. Your shtick is boring and old time to retire it and just admit you are a partisan hack who can't cut it

Both Sides Bins believes he's an intellectual and nuanced independent. For real! He is! Take him seriously!

 

[Hawki97]

That can't happen without massive increases in the money supply. You are also blissfully ignorant about the other major driver of inflation since Biden took office.

You a fan of PPP?

 

[MichaelKeller99]

In Jan 2021 Covid was so bad even Iowa had a mask mandate

You sure about that?

I live in Iowa and never wore a mask, not even once.

 

[Here_4_a_Day]

You mean corporate greedflation.

Never jo's fault, is it?

 

[TJ8869]

Do you even know the difference between the CPI and inflation?

Do you even know the difference between 2021 and 2022?

 

[Chishawk1425]

The GOP has no plan or strategy to address other than tax cuts for the rich.

 

[Here_4_a_Day]

Do you even know the difference between 2021 and 2022?

His hero doesn't even know what century it is! lol

 

[millah_22]

Bins - my man! Been a while. You decide to take the plunge and just turn Trump 2024 yet?

gonna need about 25 more weeks of Biden inflation threads before he gives in.

 

[Hawki97]

You sure about that?

I live in Iowa and never wore a mask, not even once.

Oh my...tell us big guy. The women of (checks poorest county in Iowa) Decatur county must have been all up in your jock you manly man. How did you keep them away with your illustrious show of strength?






(masks sucked and were stupid btw)