November 15, 2021

It’s time for crude oil

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Consumer prices for May accelerated at their fastest pace in nearly 13 years as inflation pressures continued to build in the U.S. economy. The consumer price index, which represents a basket including food, energy, groceries, housing costs and sales across a spectrum of goods, rose 5% from a year earlier. Economists surveyed by Dow Jones had been expecting a gain of 4.7%. The reading represented the biggest CPI gain since the 5.3% increase in August 2008, just before the financial crisis sent the U.S. spiraling into the worst recession since the Great Depression. – Jeff Cox, “Consumer Prices Jump 5% in May, Fastest Pace Since the Summer of 2008,”, June 10, 2021.

The Fed announced a new policy doctrine almost a year ago (that) it would no longer consider lags when making monetary policy, forsaking the policy of…

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