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- Daily Scoop 22-5-11
Daily Scoop 22-5-11
👋 Your Wednesday Scoops - LinkedIn's pay gap settlement & Coinbase cools off
Today's Scoop:Uncertain
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Big Picture
Inflation may have peaked.
Food continues to get more expensive.
President Biden's considering removing Chinese trade tariffs to calm inflation.
The Market:
⬇️
-1.7%
S&P 500: 3,935.18
1Mo:
-11%
| 1Yr:
-3%
| 5Yr:
+65%
Markets whipsawed again today as investors digested the April inflation report. There are indications that inflation is cooling, but not as quickly as people had hoped.
The Bureau of Labor Statistics reported the Consumer Price Index rose 0.3% in April, up 8.3% over the past twelve months. That means
basically everything we spend money on costs 8.3% more than it did a year ago.
That's still nearly the sharpest rise in 40 years. BUT, those prices rose a little less in April than in March. So some investors and economists think
we could be seeing peak inflation.
The most significant price gains were felt across food, vehicles, and shelter.
Food costs 9.4% more than it did a year ago.
President Biden is considering removing the tariffs on Chinese trade
to cool inflation. Removing the extra taxes businesses have to pay on goods they import from China would help ease the pressure for companies to hike their prices.
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🤓 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 basic goods going up nearly 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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