"I'm really, really not happy about this inflationary report. And I know that it is one data point, the Fed looks through it, we try to look at two or three-month trends. But this does not look good to me. I don't like sitting here after everything we're talking about and saying, ok but it's just one month, because unfortunately, March is guaranteed 95% chance to get worse than what we saw."
"Now, [prices] fell for apparel and footwear, but they're rising, and I just don't like it. Fresh and dried vegetables were up 49%. So, there's something going on. Maybe it is a one-off that we could debate, but I don't like the trend."
"Oil prices have skyrocketed since Feb. 28, when the U.S. and Israel launched a massive bombing campaign on Iran, which has responded by hitting oil facilities in the Gulf region and effectively closing the Strait of Hormuz."
The Bureau of Labor Statistics reported that the producer price index rose 0.7% in February, substantially above the anticipated 0.3%, with year-over-year inflation at 3.4%. The Federal Reserve maintained interest rates between 3.5% and 3.75%, while Fed Chair Jerome Powell expressed inflation concerns. The stock market declined 1.6% on the day. Price increases were observed across food, alcohol, fuel, trucking, and inpatient care, with fresh and dried vegetables rising 49%. Oil prices have surged following military actions in Iran and the closure of the Strait of Hormuz. Fox Business host Taylor Riggs expressed dissatisfaction with the inflationary trend, noting that March data is likely to show further increases.
Read at www.mediaite.com
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