$100 OIL? Markets Insider:
Brent crude, the global benchmark oil price, could surge above $100 per barrel for the first time since 2014, in the event of another cold winter, according to a note by Bank of America Friday….
Higher oil prices could spark inflation analysts led by Francisco Blanch said. “Oil prices could spike and lead to a second round of inflationary pressures around the world. Put differently, we may just be one storm away from the next macro hurricane.”
GOLD FOR WEALTH PRESERVATION! Alan Greenspan:
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value
MORE THAN ECONOMISTS EXPECTED! Wall Street Journal:
U.S. inflation accelerated last month and remained at its highest rate in over a decade…. The Labor Department said last month’s consumer-price index, which measures what consumers pay for goods and services, rose by 5.4% from a year earlier. That is the same rate as in June and July as the economy reopened, and slightly higher than in August. The so-called core price index, which excludes the often-volatile categories of food and energy, in September climbed 4% from a year earlier.
BREAK OUT THE SWEATERS, SAVE MONEY! Wall Street Journal:
A winter of giant gas bills is coming. According to the Energy Information Administration, nearly half of U.S. households that warm their homes with mainly natural gas can expect to spend an average of 30% more on their bills compared with last year.
DID SOMEONE SAY TRANSITORY? Breitbart.com:
Federal Reserve Bank of Atlanta President Raphael Bostic said Tuesday that inflation is likely to last longer than expected and should no longer be called “transitory.”
Bostic is the first Fed official to so clearly break from the central bank’s leadership on inflation. Fed chair Jerome Powell has insisted for months on describing inflation as transitory, although he recently admitted that it could last into next year.
DON’T THINK THERE’S A PROBLEM? The Daily Mail:
Frustrated shoppers share photos of bare aisles in stores across the country…
Frustrated shoppers complaining about shortages of everyday products in their local stores are attacking President Joe Biden online with the hashtag ‘Empty Shelves Joe’ as the US faces severe supply chain problems that could stretch into the new year. Dozens of cargo ships carrying hundreds of thousands of containers of goods from China and Asia are waiting to dock in California as concern grows about likely Christmas shortages. Some retailers such as Costco and Walmart are limiting sales of toilet paper in some areas and toy company CEOs are telling parents to buy their kids’ Christmas gifts now to avoid disappointment.