US Prices - November
Annual inflation increased to 6.8% - The highest since 1982.
Food inflation increased to 6.10% - The highest since 2008.
Producer Prices increased to 9.60% - The highest since 2008.
https://tradingeconomics.com/united-states/inflation-cpi
FED Statement - December
The Committee expects it will be appropriate to maintain (the federal funds rate at 0 to 1/4 percent) until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment. (There is no definition of what 'maximum employment' is).
https://www.federalreserve.gov/newsevents/pressreleases/monetary20211215a.htm
During the last 'bubble' in the US, which ended in 2008, the inflation rate got to about ~6%, the unemployment rate got down to ~5% and the interest rate got up to about ~5%.
Currently, the inflation rate in the US is ~6%, the unemployment rate is ~4% and in the interest rate is about ~0%.
In short, the US economy is traveling along just fine. However, only thanks to the 'free money' being pumped in. Therefore, the Federal Reserve is keeping its 'emergency measures' in place and still will not commit to any interest rate increase in 2022.
Real return on bank deposits, in the US, is currently negative ~6%. Workers not getting a 6%+ pay rise this year will be worse off. Wall Street 'investors' are being mollycoddled, whilst the ordinary US citizen is being crucified. Something might break soon.
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