by David Stockman
LewRockwell.com
If you don’t think the Fed has become an abject handmaid of the Wall Street gamblers, take a gander at the chart below. Owing to the slight down-tick in this week’s monthly CPI report, the outcry for rate cuts is reaching a deafening roar down in the trading pits. And judging by Powell’s presser on Wednesday, the Fed is fixing to bend over soon, bar of soap in outstretched hand.
And yet and yet. On everything that makes a difference to the main street cost of living, prices are up by 32% to 36% during the period of UniParty rule since January 2017.
That’s right. Among the five biggies—services, food, energy, transportation and shelter—that comprise an overwhelming share of main street family budgets, the rate of price increase during the last seven-and-one-half years is close to 4.0% per annum! And for want of doubt, that rate of gain means that prices would double every 18 years.