from WallStForMainSt
Breitbart Business Digest: Democrats Downplayed Inflation and it Cost Them the White House
by John Carney
Breitbart.com
Democrats Refused to Believe Polls Showing People Disliked Biden’s Economy
One of the reasons Democrats were caught off guard by the strength of support for Donald Trump across America is that they underestimated the importance of inflation and economic conditions to voters.
The economy was the leading concern among U.S. registered voters heading into the presidential race, according to Gallup’s polling. In a field of 22 topics, the economy was the sole issue on which a majority—52 percent—of voters indicated that candidates’ stances were “extremely important” in shaping their choice. Voters favored former President Donald Trump over Vice President Kamala Harris by nine points as the candidate more capable of managing the nation’s economic challenges.
Since inflation began climbing in 2021, public confidence in the economy has leaned increasingly pessimistic, as shown in Gallup’s monthly gauge of Americans’ perceptions of the nation’s economic health and future prospects.
Dow Jones Falls After Inflation Data, Powell Speech Looms; Disney Surges On Earnings
by Scott Lehtonen
Investor’s Business Daily
The Dow Jones Industrial Average and other major stock indexes traded lower Thursday after an early inflation report, with Federal Reserve Chairman Jerome Powell set to speak later in the day. An early winner was Walt Disney (DIS), which jumped on strong earnings results.
After the opening bell, the Dow Jones Industrial Average fell 0.1%, as did the S&P 500. The tech-heavy Nasdaq composite also traded down 0.1% in morning trading.
Early Thursday, the 10-year Treasury yield ticked lower to 4.43%. Oil prices rose, as West Texas Intermediate futures traded around $69.15 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.1%, as did the SPDR S&P 500 ETF (SPY) after the open.
Two Firm Inflation Prints Just Made the Fed’s 2025 Rate Cut Path a Lot ‘Murkier’
by Josh Schafer
Yahoo! Finance
October inflation readings out this week have shown little progress toward the Fed’s 2% inflation target, putting into question how deeply the Federal Reserve will cut interest rates in 2025.
On Wednesday, the “core” Consumer Price Index (CPI), which strips out the more volatile costs of food and gas, showed prices increased 3.3% for the third consecutive month during October. Then, on Thursday, the “core” Producer Price Index (PPI) revealed prices increased by 3.1% in October, up from 2.8% the month prior and above economist expectations for a 3% increase.
Taken together, the readings are adding to an overall picture of persistent, sticky inflation within the economy.
Is Price Gouging Real? Who’s Doing It? Is it Driving Inflation?
by George Calhoun
Forbes
It has been a hot topic in an election year.
[…] After decades of quiescence, inflation surged in 2021 and 2022. The annualized Consumer Price Index (CPI) increased from about 1.5% to over 9%. The CPI has cooled off since, but prices today are 21% higher overall than before the pandemic.
[…] What caused this painful deviation from stable prices and happy times? Economists have various theories, but one explanation that plays well to the general audience is the idea that “greedy corporations” have engaged in “price gouging” – raising their prices faster than their costs were increasing, or keeping their prices high even as costs come down – squeezing the consumer in a “frenzy of profiteering.”
Is a HELOC or Home Equity Loan Better with Inflation Rising?
by Matt Richardson
CBS News
Inflation is on the rise again. That was the big economic news on Wednesday when the Bureau of Labor Statistics released its latest inflation reading. The October inflation rate moved to 2.6%, up from 2.4% in September, and is now more than half a percentage point above the Federal Reserve’s target 2% goal. While not a step in the right direction, it’s too soon to tell if the rise was an indicator of additional economic pain ahead or a temporary issue to be resolved in the months to come.
That noted, a rise in inflation may give borrowers pause, particularly if they’re considering borrowing from their home equity with a home equity loan or home equity line of credit (HELOC). While they operate in similar ways, these products don’t function identically. As such, it’s worth considering which of the two may be better with inflation rising again. Below, we’ll break down what to know.
Inflation Heated Up in October, Highest Monthly Rate Since April
by John Carney
Breitbart.com
U.S. inflation continued to push prices up in October, with prices rising at the fastest monthly rate since April.
The consumer price index rose 0.2 percent in October, matching the prior month, the Department of Labor said Wednesday. Before rounding, prices were up 0.244 percent, the first time since April the unrounded figure has risen above two percent.
This was the third consecutive month of prices rising 0.2 percent on a month-to-month basis. On a year-over-year basis, inflation picked up from the 2.4 percent rate recorded in September to 2.6 percent.
Core prices, which exclude food and energy, rose 0.3 percent and were up 3.3 percent from a year earlier.
Fed Up with High Prices? Here’s Where Things Stand with Inflation
by Laurel Wamsley
NPR
By the numbers, inflation in America continues in the same direction: Easing largely — but still sticky.
Data out on Wednesday showed consumer prices last month increased 2.6% from a year ago. That was slightly higher than the 2.4% annual increase seen in September — but overall, inflation has still eased substantially from its peak in 2022.
That should be good news, but it has been of little comfort to many Americans.
That’s because prices still remain substantially higher than they did before the pandemic — and that has left many voters frustrated, as the election this year made clear.
Here’s what to know about the state of inflation in America.
Inflation Rose Right Before the Election, Posing Challenges for Trump
Prices grew by just 0.2 percent between September and October, which was the same pace as a month earlier.
by Andrew Ackerman
Washington Post
Inflation rose modestly in the lead-up to last week’s presidential election, a sign that underlying economic forces keeping prices elevated will continue as Donald Trump returns to the White House.
The consumer price index increased by 2.6 percent in October from a year earlier, according to the Labor Department, in line with economists’ expectations and hotter than a 2.4 percent rise in September. Prices were also up by 0.2 percent between September and October, which was the same pace as in each of the three previous months.
Inflation dominated the list of top concerns of Americans who voted out incumbents in federal elections, even as inflation has eased this year. Overall prices remain much higher than in 2019, just before the pandemic.
Wall Street Edges Higher After Inflation Data Keeps Fed Rate-Cut Hopes Intact
by Purvi Agarwal and Lisa Pauline Mattackal
USA Today
Nov 13 (Reuters) – Wall Street’s main indexes inched higher on Wednesday after in-line consumer price inflation data kept the U.S. Federal Reserve on track to deliver another interest rate cut in December.
The consumer price index rose 0.2% in October for the fourth straight month, the Labor Department’s Bureau of Labor Statistics said, and advanced 2.6% on an annual basis. Excluding the volatile food and energy components, the CPI increased 0.3% in October.
The numbers were in line with economists’ forecasts. U.S. stock index futures had reversed early losses following the data.
“The market is already a little bit on edge about the inflationary possibilities for 2025 under a new administration,” said Ross Mayfield, investment strategist, Baird.
Inflation Ticked Up as Voters Cast Ballots, but Price Growth for Many Basics Holds Steady
Consumer prices inched higher in October as a majority of voters backed a presidential candidate vowing sweeping economic policy changes.
by Rob Wile
NBC News
Price growth ticked higher in October as voters began casting ballots in a presidential election in which economic concerns played a big role.
The consumer price index climbed to 2.6% last month since the same time last year, the Bureau of Labor Statistics reported Wednesday. That’s a bit hotter than the 2.4% annual rate in September, which was the slowest pace since President Joe Biden’s first full month in office.
“Core” inflation, a measure that excludes volatile food and energy prices, held at 3.3% over the 12 months ending in October, the same level notched in the previous month.