According to a new report from Breitbart News, “The personal consumption expenditure (PCE) price index rose 0.4 percent in April, up from the 0.1 percent rise a month earlier. Economists had forecast a milder increase to 0.3 percent.”
Compared with last April, the PCE index is up 4.4 percent, faster than that recorded in March at 4.2.
“Core PCE prices have been up between 4.6 and 4.7 percent in each of the last five months, indicating that the Fed’s hikes have made no progress in bringing down the rate of inflation,” reported the outlet.
“The Federal Reserve has hiked interest rates ten times over the past year and has been shrinking the bond portfolio built up during its quantitative easing programs in the aftermath of the financial crisis and during the pandemic. Inflation has come down from its peak last summer but has been going sideways for several months.”
The current interest rate from the Fed is at an extremely high 5.25 percent.
Joe Biden’s economic policies, specifically regarding oil and gas production, have forced stock prices into a frenzy over the past few years, with markets having incredibly high uncertainty.
Currently, Congress is debating America’s debt ceiling, with Republicans demanding accountability from the federal government to clamp down on wasteful spending. Joe Biden has not spoken with GOP House Speaker Kevin McCarthy in over 24 hours, opting to go out of town for the weekend.
According to AAA data analyzed by Fox Business, gas prices have bumped up higher ahead of the Memorial Day holiday, along with inflation across the board.
Dow dips sharply after Powell announces another rate hike