A key inflation indicator posted its biggest year-over-year increase in nearly 30 years, according to financial website CNBC.
“A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, the Commerce Department reported Friday,” reports CNBC.
“Though the gain was the biggest since April 1992, it met the Dow Jones estimate and markets reacted little to the news. Stock market futures indicated a rise of about 150 points for the Dow at the open, while government bond yields were mostly flat,” adds the website. “The core personal consumption expenditures price index increase reflects the rapid pace of economic expansion and resulting price pressures, and amplified how far the nation has come since the Covid pandemic-induced shutdown of 2020.”
This is a developing story. Check back for updates.
WATCH: Biden Starts Whispering During Bizarre Press Briefing, Touts the ‘Great, Great, You Know’
Joe Biden baffled millions of Americans Thursday when he began inaudibly whispering into the microphone during a televised press briefing; talking about how he “wrote the bill on the environment.”
“Remember when you were asking me, and I’m not being critical, believe me, ‘Guess what, Employers can’t find workers?’ Well, yeah, well I said, ‘Pay them more,” he whispered.
“This is an employee’s bargaining chip now,” Biden added. “By the way, talking Inflation… No one’s talking about this great, great, you know… So, again, if it turns out what we’ve done so far is a mistake, it’s gonna show.”
— Daily Caller (@DailyCaller) June 24, 2021
Biden blames employers for persistently high unemployment; claims “consensus” believes inflation will “go back down” pic.twitter.com/oFEQm9Dlpf
— Tom Elliott (@tomselliott) June 24, 2021
“I got them $1.9 trillion in relief so far,” he added. “I wrote the bill on the environment… Pay them more…”
Watch Biden’s bizarre press conference above.
CARTER PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years
Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.
“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.
— The Hill (@thehill) June 10, 2021
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”