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- Daily Scoop 22-10-13
Daily Scoop 22-10-13
👋 Your Thursday Scoops - JPMorgan drops Yeezy & Delta's big profits
Today's Scoop:Concerning
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Big Picture
Inflation isn't going away quickly.
Rent and home prices are still a big problem.
Food prices are still surging.
The Market:
⬆️
+2.6%
S&P 500: 3,669.91
1Mo:
-7%
| 1Yr:
-17%
| 5Yr:
+43%
Markets tanked this morning after an ugly inflation report but then surged, likely because sentiment can't get much worse.
If prices continue rising at this pace, the Federal Reserve will likely implement even more restrictive policies and higher interest rates that
will slow the economy, reduce available jobs, and increase unemployment
until policymakers see inflation cool substantially.
Prices are still climbing significantly.
The Labor Department reported the Consumer Price Index rose 0.4% in September, and the prices of everything consumers spend money on are still 8.2% higher than a year ago. Core inflation, which strips out more volatile food and energy costs, rose far more than economists expected, signaling longer-term issues.
The biggest drivers of the price increases were food and shelter.
Food costs are up 11.2% over the past year. Rent and home prices keep climbing, despite the recent slowdown. Shelter accounts for a third of the CPI, and
measures of rent jumped by more than they have in decades.
Company Scoops ❤🌎💰
(Click to dig in & vote your reaction, see how others feel)
JPMorgan Chase
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Delta
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Amazon
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Intel
(These links only work for 24 hours while the story is live)
🤓 Inside Scoop...
The
Consumer Price Index (CPI)
is one of the main ways economists track inflation.
Inflation
is the rate at which things get more expensive. The CPI looks at a set basket of stuff your average consumer spends money on and tracks how much it costs each month. The rate of change is inflation. Prices rarely go down. It's normal for things to get more expensive. You'll never be able to buy a Coke for a quarter again, but that's ok. Low inflation (~1-2% per year) is standard. High inflation, like we're seeing now with prices of essential goods going up nearly 8-10% per year, is a problem. It's unmanageable. Policymakers are looking to slow economic activity and cool spending so prices stop rising so quickly.
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