Click here to view original web page at www.theepochtimes.com
Traders work on the floor of the New York Stock Exchange in New York City, on Sept. 21, 2022. (Michael M. Santiago/Getty Images) Wholesale inflation rose by 8 percent in annual terms and 0.2 percent in monthly terms in October, suggesting inflationary pressures for consumers are far from dissipated, but stocks rallied on the opening bell as investors thought the price data would be worse.
Investors expected that inflation from the perspective of business input costs, as measured by the Producer Price Index ( PPI ), would rise 8.3 percent in the 12 months through October , and by 0.5 percent month over month .
But data released on Nov. 15 by the Bureau of Labor Statistics (BLS) came in slightly cooler, at 8 percent year over year and 0.2 percent month over month, sending Wall Street’s main indexes higher as the lower-than-expected numbers bolstered bets that the Federal Reserve would slow its pace of rate hikes.
At the opening bell, the Dow Jones Industrial Average rose 219.2 points, or 0.65 percent, to 33,755.94. The S&P 500 Index rose 49.2 points, or 1.24 percent, to 4006.41, while the Nasdaq Composite rose 278.6 points, or 2.49 percent, to 11,474.82 after the markets opened.
Producer prices tend to be a leading indicator of consumer price inflation as some portion of business input costs get passed along to consumers. Peak Inflation?
The lower-than-expected wholesale price acceleration data prompted a number of analysts to suggest inflation is slowing.
“Oct. PPI came in way below expected. That’s the second data point in a row to suggest inflation has cooled,” Gary Black, managing partner at The Future Fund LLC, said in a post on Twitter .
The other data point Black was referring to was the recently released Consumer Price Index (CPI), which showed prices rising at 7.7 percent in the […]
Click here to view original web page at www.theepochtimes.com
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We have a Giving Fuel page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.
Thank you and God bless!
JD Rucker