French Election First Round Results - Macron at Risk of Losing Control in Parliament

Jun 28, 2022

Voters are not happy, anywhere. French President Emanuel Macron did much worse than expected in Parliamentary elections. First round projections image from France 24 Video Together! is Macron's party.  New Popular Union NUPES is a far Left coalition led by Jean-Luc Melenchon's. Marine Le Pen's National Rally is considered a far Right party. 20 seats is significant. The threshold for having much of any say in negotiations is 15 seats.  The Far Left Might Cost Macro ...read more

Why Did Economists Blow the CPI Forecast So Badly This Month?

Jun 28, 2022

Economists blew the CPI forecast badly underestimating inflation this month. Let's investigate why, including my advance warning on the key component. CPI data from the BLS, chart by Mish Bloomberg Economist Expectations CPI M/M: 0.7% Expected vs 1.0% Reported CPY Y/Y: 8.2% Expected vs New 40-Year High 8.6% Reported CPI Excluding Food and Energy M/M: 0.5% Expected vs 0.6% Reported CPI Excluding Food and Energy M/M: 5.9% Expected vs 6.0% Reported It was a clean mis ...read more

Morning After J-Pow, Second Time in a Row

Jun 28, 2022

Someone might think, OK, I could speculate with the J-Pow Pattern at the next Fed meeting. By Wolf Richter for WOLF STREET. Stocks took a brutal dive today, the day after Fed Chair Jerome Powell had explained to the world why a 75-basis-point rate hike was needed, and why another one might be needed at the July meeting, and upon hearing his words and seeing the 75-basis-point print yesterday, markets skyrocketed, and at about 30 minutes before the close, after J-Pow had stopped with his m ...read more

Colombia's historic election heads to perilous runoff: ANALYSIS

Jun 28, 2022

MEXICO CITY -- It is the most consequential election in decades in Colombia -- and Latin America's third-largest country will now choose between a Bernie Sanders-like candidate or a Donald Trump-like one. Colombians went to the polls Sunday, fed up with decades of mainstream conservative rule and establishment politics, and decisively ended it. Instead of the conservative standard-bearer, voters favored Gustavo Petro, 62, a left-wing senator and former guerrilla, who received about 40% of votes ...read more

Biden to address inflation as economists predict Fed will set aggressive interest rate hike

Jun 28, 2022

(CNN)A fired-up President Joe Biden spoke to a friendly crowd of union supporters Tuesday, hoping to put a positive spin on his economic record amid inflation not seen in decades and blame Republicans for blocking his domestic agenda. Speaking to the AFL-CIO convention in Philadelphia, Biden sought to reassure the American people that tackling the worst inflation the nation has seen in decades remains a top priority for him and his administration. The speech came a day before the Federal R ...read more

Metals Stocks: Gold prices rise ahead of closely watched Fed inflation gauge

Jun 28, 2022

Gold prices finished a touch higher on Friday as investors weighed data that showed hot U.S. inflation cooled its pace last month. Gold for June delivery  GC00, -0.22% GCM22, rose $3.70, or 0.2%, to close at $1,851.30 an ounce on Comex. Silver  SI00, -0.43% SIN22, -0.43% rose 0.7% to $22.096 an ounce. The U.S. inflation rate, as measured by the personal-consumption expenditures index, rose just 0.2% in April for its smallest monthly increase in a year and a half, due largely to a decl ...read more

WOLF STREET Mug Shortage Decision Time: Please Weigh in if You’re on the “Mug List,” and Even if You’re Not

Jun 27, 2022

Wait for the original mug (no confirmation it will ever be produced again), or grab the mug I can get. By Wolf Richter for WOLF STREET. It has been over one year since I re-ordered the WOLF STREET beer and iced-tea mugs. They’re adorned by the essential WOLF STREET dictum, “Nothing Goes to Heck in a Straight Line.” San Francisco artist Erika “Kitten” Lopez created the three-color art. I re-ordered the mugs on May 31 2021, while I still had enough to get me to November. And they ...read more

(VIDEO) Treasury Secretary Admits She Was Wrong About Inflation

Jun 27, 2022

Augusta cannot guarantee, and makes no representation, that any metals purchased by a customer will appreciate at all or appreciate sufficiently to make a profit, and there is no certainty that any metals can be sold for a profit. The future value of the coins you purchase cannot be predicted. You could lose money. Don't purchase Augusta products with money you can't afford to lose. Prices may rise and fall over time or rapidly. Past performance of any coin does not guarantee future results. Pr ...read more

Fed makes aggressive move to tackle white-hot inflation

Jun 27, 2022

Washington, DC (CNN)The Federal Reserve raised interest rates by three-quarters of a percentage point on Wednesday in an aggressive move to tackle white-hot inflation that is plaguing the economy, frustrating consumers and stifling the Biden administration. It's the largest rate hike since 1994, and will affect millions of American businesses and households, pushing up the cost of borrowing for homes, cars and other loans in order to force a slowdown in the economy. Until this week, economist ...read more

Retail Sales Report, May: In Foulest Mood Ever, Consumers Still Spent Hugely at Retailers, Fighting Inflation where they Can

Jun 27, 2022

Spent $20 billion more at gas stations, compared to a year ago, due to spiking prices; came out of hide of other retailers. Inflation eats everyone’s lunch. By Wolf Richter for WOLF STREET. Retail sales in May, not seasonally adjusted, jumped to $698 billion, the second highest ever, behind only December’s shopping-season splurge, and up 8.2% from the stimulus-miracle bonanza a year ago. On a seasonally adjusted basis, retail sales in May dipped by 0.3% from April, after having jumped ...read more