from Liberty and Finance
Gold Hits Fresh Record as Rate Cut Hopes Build After Data Shows Inflation Ease
by Barbara Kollmeyer
Morningstar Advisor
Gold prices shot to a fresh record on Monday, as investors continued to bank on U.S. interest rate cuts after data showed a key inflation gauge cooling.
Gold futures (GC00) (GCM24) rose just over $40, or 1.7%, to $2,278.30 an ounce. Gold settled at $2,238.40 an ounce on Comex Thursday, the highest finish on record, and the latest in a recent run. Prices ended March 8.9% higher and up 8% for the quarter.
The metal’s “unprecedented rally” has been driver by softer-than-expected U.S. inflation data, that have boosted expectations the Federal Reserve could start cutting interest rates as soon as June, Sergio Avila, senior market analyst at IG, told clients in a note.
Biden On Inflation: COVID Will Have ‘Lasting Effect’ and Must ‘Get People to Move Again’ and Improve ‘Best Economy’
by Ian Hanchett
Breitbart.com
On Monday’s broadcast of NBC’s “Today,” President Joe Biden responded to a question on what he would say to people whose money isn’t going as far due to inflation by saying, “we have the best economy in the world. We’ve got to make it better.” And “we’re going to find out that what happened as a consequence of the crisis we had on health is going to have a lasting effect. We’ve just got to get people to move again. We’re ready. I think the country’s ready to come together…I’m truly optimistic.”
Co-host Al Roker asked, “When people are saying, but, Mr. President, I’m feeling — my buck isn’t going as far, what do you say to those folks about the economy and what’s going on?”
Biden responded, “I say we have the best economy in the world. We’ve got to make it better. We really do have the best economy in the world. Jobs are up more than they’ve ever been. We’re in a situation where the lowest unemployment rate in 50 years was maintained.
Trump’s Proposed Tariff Would Cost Families $1,500 Annually
A 10 percent tariff on all imports would trigger more inflation at the grocery store, particularly for products such as fresh fruit and coffee.
by Eric Boehm
Reason.com
Former President Donald Trump’s plan to impose a 10 percent tariff on all imports to the United States would hike prices and cost the average American household $1,500 annually.
That’s the sobering conclusion reached by a new economic analysis from the Center for American Progress (CAP) Action Fund, a left-leaning think tank and advocacy organization. The proposed tariff, which would be applied on top of existing tariffs according to Trump’s campaign, would translate into $1,500 in higher costs for the average American household. That includes “a $90 tax increase on food, a $90 tax increase on prescription drugs, and a $120 tax increase on oil and petroleum products,” according to Brendan Duke and Ryan Mulholland, the two economists who authored the report.
Rate Cuts Are Coming: Gold Prices Hit a Record High
The Fed’s preferred gauge of underlying inflation came in as expected Friday, affirming 2024 rate-cut hopes.
by Yuheng Zhan
Business Insider
The price of gold rallied to another record high on Monday, following fresh inflation data from Friday that boosted rate-cut hopes.
The yellow metal climbed as much as 1.6% to a new high of $2,265.73 an ounce.
The year-over-year index of personal consumption expenditures rose 2.5% in February, in line with economist expectations. Core PCE, which excludes food and energy prices, rose 2.8% for the month, also in line with estimates. The results have fueled anticipation that the central bank’s first rate cut will come in June.
Are You Ready for the Second Wave of Inflation?
from Zero Hedge
Our latest theme is that the U.S. Central Bank, called the Federal Reserve, or the Fed for short, is NOT politically independent, but is in fact a highly partisan organization that leans left.
The above items are not some conspiracy theory. The Fed’s own actions support this view.
By quick way of review…
1) The Bernanke-led Fed launched QE 3 just three months before the 2012 Presidential election. At the time, the economy was growing, unemployment was falling, and there were no signs of systemic duress in the financial system. So this was a clear intervention to aid the Obama Administration’s 2012 re-election bid.
Gold Hits Fresh Record as Rate Cut Hopes Build After Data Shows Inflation Ease
by Barbara Kollmeyer
Morningstar Advisor
Gold prices shot to a fresh record on Monday, as investors continued to bank on U.S. interest rate cuts after data showed a key inflation gauge cooling.
Gold futures (GC00) (GCM24) rose just over $40, or 1.7%, to $2,278.30 an ounce. Gold settled at $2,238.40 an ounce on Comex Thursday, the highest finish on record, and the latest in a recent run. Prices ended March 8.9% higher and up 8% for the quarter.
The metal’s “unprecedented rally” has been driver by softer-than-expected U.S. inflation data, that have boosted expectations the Federal Reserve could start cutting interest rates as soon as June, Sergio Avila, senior market analyst at IG, told clients in a note.
Powell Says Latest Inflation Data ‘In Line With Expectations’
by Catarina Saraiva and Reade Pickert
BNN Bloomberg
(Bloomberg) — Federal Reserve Chair Jerome Powell repeated that the US central bank isn’t in any rush to cut interest rates as policymakers await more evidence that inflation is contained.
“The fact that the US economy is growing at such a solid pace, the fact that the labor market is still very, very strong, gives us the chance to just be a little more confident about inflation coming down before we take the important step of cutting rates,” Powell said Friday at an event at the San Francisco Fed.
Fresh inflation data released earlier is “pretty much in line with our expectations,” he said. But Powell reiterated it won’t be appropriate to lower rates until officials are sure inflation is on track toward 2%, the rate they see as appropriate for a healthy economy.
Investors are now betting the US central bank will make that first cut in June.
Van Jones: Food, Mortgage Inflation Making People Not Feel ‘Actual Reality’
by Ian Hanchett
Breitbart.com
On Thursday’s broadcast of CNN’s “AC360,” CNN Political Commentator and former Obama adviser Van Jones said that the economy is an issue where “actual reality and emotional reality have not lined up” for President Joe Biden because while there are many things that “should have people feeling good. Food prices being sticky at the top, housing prices being sticky at the top, make people feel the whole thing is terrible.”
Jones said, “I think that reality — actual reality and emotional reality have not lined up for Biden on a number of issues. The economy, actually, on paper, is doing a lot better than people think. Unemployment is down, gas prices are relatively low, stock market’s up, a lot of things that have — should have people feeling good.
Broke Zoomers Skipping First Dates, Meeting Virtually Instead Due to Inflation
‘People can’t afford rent, let alone going on a date.’
by Infowars.com
Info Wars
Young people pursuing romantic partners are forgoing traditional first dates and instead meeting virtually online due to the rising costs of social outings, according to reports.
Business Insider notes the dating app Wingman claims, “65% of users aged 18-27 choose to video call as a first date instead of meeting up.”
The practice, which was common during the COVID pandemic, is making a resurgence as Gen Z-ers realize it’s becoming costly to fork out dough for first dates, especially if there’s no connection between persons.
25% Food and Dining Inflation Indicates Recession
by John S. Tobey
Forbes
Food prices, both “at home” (think grocery stores) and “away from home” (think restaurants), are up 25% during the Covid period from January 2020. This high cost change of a consumer necessity is cause for recessionary actions.
Reuters just published this timely article that explains the food inflation’s reality effects: “Fast-food companies seeing low-income diners pare orders” (March 27 – Underlining is mine).
“Runaway prices at U.S. fast-food joints and restaurants have made people skittish down the income ladder and executives at chains including McDonald’s and Wendy’s recently said they worry about losing business from those on the tightest budgets.