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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 686.96-0.1%Dec 30 4:00 PM EST
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To: SGJ who wrote (181531)11/3/2022 10:33:53 AM
From: Sdgla4 Recommendations

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Pretending Continues – Fed Chair Raises Interest Rates 3/4 Point, Blames Russia for U.S Food Prices, Claims Consumer Demand Still Too High
November 2, 2022 | Sundance | 141 Comments

It’s all a ruse; an economic shell game being played for politics – nothing more.

Consider this quote from Fed Chair Jerome Powell today, “Inflation remains well above our longer-run goal of 2 percent. Over the 12 months ending in September, total PCE prices rose 6.2 percent. Excluding the volatile food and energy categories core PCE prices rose 5.1 percent. And the recent inflation data again have come in higher than expected. Price pressures remain evident across a broad range of goods and services. Russia’s war against Ukraine has boosted prices for energy and food and has created additional upward pressure on inflation.” ( source)

You can argue Powell’s points of demand side inflation all day long, it matters not. It’s nonsense. Take interest rates to 10%, or even eleventy percent, and that will not stop inflation because demand is not creating it. Current inflation is a supply side issue, driven by a radical change in energy policy. I have made this case for well over a year, sooner or later people are going to have to stop believing the demand side nonsense.

If you want to take the pretending out of the paragraph and make it truthful, insert the word energy: “We’re taking forceful steps to moderate [energy] demand, so that it comes into better alignment with [policy driven energy] supply.” There. THAT’S THE TRUTH !!
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