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Treasury Secretary Says US Not Losing Control Over Inflation As Twitter CEO Issues Dire Warning

Treasury Secretary Says US Not Losing Control Over Inflation As Twitter CEO Issues Dire Warning

Authored by Jack Phillips via The Epoch Times,

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This article was originally published by Zero Hedge

Treasury Secretary Says US Not Losing Control Over Inflation As Twitter CEO Issues Dire Warning

Authored by Jack Phillips via The Epoch Times,

Twitter CEO Jack Dorsey issued a warning about rising inflation over the weekend as Treasury Secretary Janet Yellen on Sunday said the United States isn’t losing control.

“Hyperinflation is going to change everything. It’s happening,” Dorsey wrote on Twitter, later continuing to say:

“It will happen in the U.S. soon, and so the world.”

Jack Dorsey, CEO of Twitter and co-founder & CEO of Square, attends the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Fla., on June 4, 2021. (Marco Bello/AFP via Getty Images)

During an interview on Sunday with CNN, Yellen said that inflation levels would return to normal by the second half of next year. The Treasury Secretary made the remarks in context of promoting President Joe Biden’s domestic infrastructure and social spending packages worth trillions of dollars combined, saying the two programs would be implemented over 10 years.

“I don’t think we’re about to lose control of inflation,” Yellen said. 

“On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement by the middle to end of next year… second half of next year,” she added.

Supply chain snags have bedeviled the United States and other countries as economic reopenings have spurred a surge in demand, she continued.

“As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve,” she said.

Treasury Secretary Janet Yellen testifies during the House Financial Services Committee hearing in Washington on Sept. 30, 2021. (Sarah Silbiger/Pool via Reuters)

However, a group that represents UPS, FedEx, and other air cargo companies issued a warning that the looming Biden vaccine mandate for federal contractors on Dec. 8 will trigger supply chain chaos. With that mandate coming in the midst of the Christmas shopping season, they argued that will further “adversely impact needed operations” and noted that worker shortages are already persistent.

Meanwhile, a report from the Department of Labor released earlier this month found that the U.S. consumer price inflation is running near a 30-year high. Year-over-year prices in September are up by 5.4 percent, its report found, noting price increases for food, cars, and other staple goods.

Procter & Gamble and Unilever, which both make consumer goods, both announced in recent days that they would increase prices on certain goods amid worsening inflation.

Unilever finance chief Graeme Pitkethly saw little letup in inflationary pressures and warned that “we expect inflation could be higher next year than this year,” Reuters reported.

Procter & Gamble’s price hikes are not being implemented on all its products, but they will be marked for specific items such as razors and in some sub-categories, CFO Andre Schulten said, reported Reuters. U.S. retailers are aware of the new sticker prices, he added.

“We announced price increases to retailers in the U.S. on oral care, skin care, and grooming,” Schulten said in a conference call. “It’s item by item,” he added.

Tyler Durden
Sun, 10/24/2021 – 20:30

Author: Tyler Durden

Economics

Inflation Never Mattered Much For Crypto… Until About A Year Ago

Inflation Never Mattered Much For Crypto… Until About A Year Ago

Inflation never mattered much for crypto… until about a year ago.

As…

Inflation Never Mattered Much For Crypto… Until About A Year Ago

Inflation never mattered much for crypto… until about a year ago.

As UBS notes in its latest Crypto Keys note last week, forward-looking measures of US consumer prices today rank among the most prominent correlations for digital assets…

…. something we first pointed out a month ago.

Sensitivity to actual data prints is also mounting accordingly…

… and as UBS notes, BTC, ETH and a range of more established tokens screen statistically on par with traditional instruments that are considered classic inflation winners or losers.

Co-movement is weaker for newer coins like BNB as well as ADA, SOL, DOT and AVAX, which have strongly outperformed in 2021, along with meme plays like DOGE. But to UBS that seems encouraging rather than surprising when idiosyncratic factors have clearly been driving their price action.

But while inflation clearly has be driving the top cryptocurrencies in the past year, the risk now according to UBS is that more powerful drivers will emerge to dislodge the status quo. Potential candidates could be things like stablecoin regulation, tighter exchange and account registration requirements reducing activity in CeFi and DeFi, and new restrictions on bank participation, all of which could be near-term negatives affecting market liquidity and activity but longer-term positives paving the way for institutional participation. While such things may sound crypto-specific, they mirror conditions that govern how conventional inflation hedging instruments behave. 

Tyler Durden
Sun, 11/28/2021 – 19:00

Author: Tyler Durden

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Economics

Hillary: “Americans Just Don’t Appreciate What Joe Has Done For Them”

Hillary: "Americans Just Don’t Appreciate What Joe Has Done For Them"

Via 21stCenturyWire.com,

This might be the longest-ever Thanksgiving…

Hillary: “Americans Just Don’t Appreciate What Joe Has Done For Them”

Via 21stCenturyWire.com,

This might be the longest-ever Thanksgiving weekend for Joe Biden. While he’s been enjoying a warm blanket and a hot cup of Ovaltine with his family in Nantucket, the President’s poll numbers have been in virtual free-fall. It seems that the nation is fast losing confidence in his ability to handle important issues like the economy, the border, foreign policy and crime running wild on America’s streets. In short, the majority of Americans, both Democrat and Republican, do not believe Joe is capable of fulfilling his duties as the chief executive of the world’s premier superpower.

At present, Biden’s average job approval rating stands at around 40%, a steep drop from the 55% percent average approval rating he enjoyed last May.

No one really knows just how low Joe will go.

Still, this hasn’t stopped his ardent allies from rushing to his defense, and blaming his flagging numbers on social media trolls (see deplorables).

Carlos Garcia from The Blaze writes…

Former presidential candidate Hillary Clinton tried to explain away President Joe Biden’s poor polling by accusing Americans of not appreciating what Biden has done for them, and blamed social media.

Clinton made the comments while a guest on Rachel Maddow’s MSNBC show Tuesday evening.

“You know, democracy is messy. You know, a lot of people got, oh I think, kind of frustrated looking at the messy process of legislation,” said Clinton.

“And they didn’t really appreciate that, within a year, the Biden administration has passed two major pieces of legislation through both the House and the Senate, they passed another major piece through the House that will be soon be in the Senate,” she continued.

“By any measure those are extraordinary accomplishments and they really will help many millions of Americans with healthcare and prescription drug prices, as well as climate change and so much else,” said Clinton.

“But because of the way we are getting our information today,” she concluded, “and because of the lack of gatekeepers and people who have a historic perspective who can help us understand what we are seeing, there is a real vulnerability in the electorate to the kind of demagoguery and disinformation that, unfortunately, the other side is really good at exploiting.”

Both Maddow and Clinton accused Republicans of undermining the results of fair elections and calling for violence as a political solution in the interview.

Biden’s poll numbers have suffered greatly after a cascade of damaging incidents plaguing his administration. Among the worst were the disastrous retreat from Afghanistan, the painful cost of high inflation, and the crisis of illegal immigration at the border.

One poll from October found that only 38% of Americans thought Biden deserved a positive job rating.

Watch Hillary’s clip here: 

Tyler Durden
Sun, 11/28/2021 – 17:30

Author: Tyler Durden

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Economics

Silver price under pressure despite the risk-off sentiment

Silver price extended the week’s losses in Friday’s session despite the risk-off market sentiment. In the coming week, focus will be on Fed policymakers’…

Silver price extended the week’s losses in Friday’s session despite the risk-off market sentiment. In the coming week, focus will be on Fed policymakers’ remarks and data related to its industrial and precious metal status.

Market mood

The fear & greed index shifted from a greed level of 64 to the fear end of the spectrum. On Friday, the index’s reading was at 31. Both the market volatility and safe-haven demand are exhibiting extreme fear. Usually, risk aversion boosts precious metals based on their safe-haven status.

However, a strengthening US dollar is exerting pressure on silver price. Concerns over the new wave of COVID-19, coupled with positive economic data from the US, boosted the dollar index to its highest level since July 2020. Besides, slowed growth of the Chinese economy has raised concerns over silver’s industrial demand.

In the new week, silver price will be reacting to manufacturing PMI from China and other economies. Besides, investors will be keen on Jerome Powell’s testimony as well as speeches from various Fed policymakers. The speeches come a few days after Fed meeting minutes that exuded a hawkish tone. The nonfarm payrolls data scheduled for Friday will further influence the metal’s price movements.

Silver price technical outlook

Silver price has been under pressure over the past week. The week’s losses defined a trend reversal after the precious metal hit a four-month high in the previous week. Since Monday, it has dropped by about 6.89%.

The precious metal ended the week at 23.17; down by 1.83%. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. Besides, with an RSI of 26, it is in the overbought territory.

In the coming week, I expect silver price to remain under pressure amid the strengthening US dollar. However, it may begin the week on a corrective rebound as it finds support along the psychological level of 23.00.

It may bounce back to find resistance along the 25-day EMA at 23.72. Subsequently, it may trade within the formed horizontal channel with 23.16 and 23.72 as the lower and upper borders respectively. Above the aforementioned resistance level, the bulls will be eyeing the 50-day EMA at 24.03. On the flip side, a move below Friday’s low of 22.94 will likely place the support zone at 22.35.

silver price
silver price

The post Silver price under pressure despite the risk-off sentiment appeared first on Invezz.





Author: Faith Maina

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