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We are confused: on one hand the Fed is injecting hundreds of billions of liquidity into the market, boosting the S&P to all time highs and making the rich richer (Piketty taking Excel lessons from Rogoff notwithstanding) while the economy remains stagnant because, according to the BLS, inflation is too low, and as everyone knows the biggest lament of the impoverished middle class is that "the value of my dollar isn't being destroyed fast enough for me to feel confident about the future." On the other hand, the very same Federal Reserve Bank (of Chicago), just announced that as a result of "prices continuing to increase between 3% and 33%" (!), beginning May 27 it is hiking the prices in its cafeteria. So, clearly prices are rising at a 33% clip due to, how does the IMF put it, lowflation, right? Oh, and harsh weather.
From the Chicago Fed, highlights ours* * *
The good news (for Fed employees): as we reported last year, the average annual increase in the salaries of Federal Reserve workers over the past year has been around 13%, so a price hike should be bearable.
Everyone else? As we showed in "Real Hourly Wages Decline For The First Time Since 2012" better luck next time.
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