US Treasury Secretary Yellen spoke from Boston on Wednesday. Given the nature of her remarks I wonder if she has seen the CPI numbers due today already and is softening us up for disappointment? Maybe I’m being too suspicious.
Yellen:
- television prices are down by 28% from their peak
- used cars and trucks are 11% cheaper
- gasoline is down almost $2 a gallon since June 2022
- the typical middle-class American household has “more wealth, higher earnings and more purchasing power than before the pandemic.”
Here’s the “but”, though:
- “Despite how far we’ve come, we know significant work remains to be done. For too many families, prices for goods that matter — such as groceries, rents and prescription drugs, are high”
- pledged to use “all tools at our disposal” to bring costs down
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I posted earlier on the inflation data due at 8.30 am US Eastern time:
And, Adam:
This article was written by Eamonn Sheridan at www.forexlive.com. Source