{"id":1732086,"date":"2022-11-09T12:32:44","date_gmt":"2022-11-09T17:32:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1732086"},"modified":"2022-11-09T12:32:48","modified_gmt":"2022-11-09T17:32:48","slug":"all-eyes-are-on-thursdays-inflation-data-dump-after-aggressive-federal-reserve-moves","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/all-eyes-are-on-thursdays-inflation-data-dump-after-aggressive-federal-reserve-moves\/","title":{"rendered":"All Eyes Are On Thursday\u2019s Inflation Data Dump After Aggressive Federal Reserve Moves"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fall-eyes-are-on-thursdays-inflation-data-dump-after-aggressive-federal-reserve-moves%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1732086&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Bureau of Labor Statistics is expected to release Consumer Price Index data Thursday morning that will indicate whether <a href=\"http:\/\/dailywire.com\/topic\/interest-rates\" target=\"_blank\" rel=\"noopener\">rate hikes<\/a> from the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> have had a meaningful impact on <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a>.<\/p>\n<p>As of two months ago, prices had been rising year-over-year at an 8.2% rate, according to a <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Bureau of Labor Statistics. Core inflation, which factors out food and energy, rose 6.6% during the same period, reaching the highest pace in more than four decades.<\/p>\n<p>Bankrate Chief Financial Analyst Greg McBride called the most recent data \u201cdisastrous\u201d in remarks provided to The Daily Wire. \u201cIt isn\u2019t just the ongoing pace of increase that is troublesome but the pervasiveness of surging prices across various spending categories that has scarred household budgets,\u201d he said. \u201cFood and shelter continue to exert outsized pressure on the inflation rate and consumers\u2019 pocketbooks. Energy has been a mixed bag, with gasoline prices having declined in recent months but electricity and natural gas still rising at a whopping pace. As weather turns cold, the cost of heating homes will further strain household budgets.\u201d<\/p>\n<p>Indeed, the average household primarily using natural gas for space heating will spend $931 on power from October to March, marking a $206 increase since last year, according to the most recent <a href=\"https:\/\/www.dailywire.com\/news\/heres-how-much-power-bills-could-rise-this-winter\" target=\"_blank\" rel=\"noopener\">winter fuels outlook<\/a> from the Energy Information Administration. Meanwhile, expected growth between 6% and 8% in holiday season retail sales are expected to be entirely eclipsed by rising price levels, according to <a href=\"https:\/\/www.dailywire.com\/news\/rise-in-holiday-spending-to-be-outpaced-by-inflation-forecast-says\" target=\"_blank\" rel=\"noopener\">data<\/a> from the National Retail Federation.<\/p>\n<p>The Federal Reserve raised the target federal funds rate by 0.75% this month for the <a href=\"https:\/\/www.dailywire.com\/news\/what-the-federal-reserves-changing-approach-toward-rate-hikes-could-mean-for-the-economy\" target=\"_blank\" rel=\"noopener\">fourth consecutive time<\/a>. McBride noted that \u201cany broad-based, significant, and sustained easing of inflation pressures remains elusive\u201d despite the moves, noting that Federal Chair Jerome Powell has said there is \u201ca ways to go\u201d in rolling out the contractionary monetary regime.<\/p>\n<p>President Joe Biden responded to the most recent inflation data by claiming that his legislative agenda has helped reduce cost pressures. \u201cToday\u2019s report shows some progress in the fight against higher prices, even as we have more work to do,\u201d he said in a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/10\/13\/statement-by-president-joe-biden-on-the-september-consumer-price-index-report\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cBut even with this progress, prices are still too high. Fighting the global inflation that is affecting countries around the world and working families here at home is my top priority.\u201d<\/p>\n<p>The midterm elections were expected by many pundits to be a referendum on the Biden administration\u2019s economic performance, although Republicans lost a number of high-profile statewide races in what many conservative commentators attributed to poor candidate quality. The economy and inflation were key issues among voters preparing to cast ballots, with 84% considering the former to be a top factor on their minds, according to a <a href=\"https:\/\/www.dailywire.com\/news\/new-midterm-poll-spells-bad-news-for-democrats-on-the-economy\" target=\"_blank\" rel=\"noopener\">poll<\/a> from ABC News and The Washington Post.<\/p>\n<p>Households have been spending beyond their means amid elevated price pressures. The total level of consumer loans increased from $1.5 trillion at the beginning of the Biden administration to $1.8 trillion as of two months ago, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/CONSUMER\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Federal Reserve. Meanwhile, the personal savings rate has dropped from 20% to slightly more than 3% over the same period, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/PSAVERT\" target=\"_blank\" rel=\"noopener\">data<\/a> from the Bureau of Economic Analysis, marking a significant decline from typical rates witnessed before the lockdown-induced recession.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bureau of Labor Statistics is expected to release Consumer Price Index data Thursday morning that will indicate whether rate hikes from the Federal Reserve have had a meaningful impact on inflation. As of two months ago, prices had been rising year-over-year at an 8.2% rate, according to a report from the Bureau of Labor &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1534106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1732086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1732086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1732086"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1732086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1534106"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1732086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1732086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1732086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}