The Show Notes: Inflation Surges, Markets Tank, Biden's Plea, & The Dodgers Goose
Welcome! Herschel Walker joins me at 1 PM on the radio. Listen live here or catch the podcast here.
NEW: Social Security recipients get biggest cost of living adjustment ever.
WHAT: Elon Musk launched a fragrance line called “Burnt Hair” and it’s sold over $1 million in just a few days.
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Clip of the day: Why the Dodgers game was delayed last night.
Longest Transitory Inflation Ever
Core inflation in September surged to a 40-year high dashing hope that an additional jumbo rate hike could be avoided. While fuel and used car prices fell, literally everything else went up.
Why does it matter: The metric is important because core inflation strips out the volatile food and energy sectors in order to give an accurate measure of the overall economy by simply measuring the change in prices of goods and services.
Details: Year-over-year core inflation hit 6.6%, a number not seen since 1982. More concerning, month-over-month inflation outpaced the yearly number at 0.6%.
Rate hike? November’s Fed meeting looks much more predictable with a 75 to 100 basis point hike all but secured.
Biden Makes Oil Political
A statement just released from the Saudi Foreign Ministry says that US administration officials asked OPEC+ to delay production cuts until after the midterm elections.
To make matter worse: Bloomberg is reporting that Biden administration officials are increasingly worried that their plan to mandate price caps on Russian oil will backfire. The lofty plan aims to punish Russia by curtailing its oil supply while keeping some Russian oil on the market to prevent an international supply shock.
The problem with the Biden plan is threefold: 1) There are plenty of countries not named the United States who are happy to buy Russian oil. 2) Russia retaliated to the proposal by forcing OPEC+ to cut production which raises US prices at the pump. 3) Surging oil prices means Russia makes more money to fund its war in Ukraine.
Go Watch This
Rates Go Boom
The average 30-year mortgage just hit a 20-year high of nearly 7% per Freddie Mac. How does that impact home buyers?
Americans For Prosperity
My friends at Americans for Prosperity hate dysfunctional government almost as much as I do. Unlike think tanks that produce esoteric term papers, Americans for Prosperity is focused on policy solutions that will directly improve people’s lives. They have the largest network of community activists in the country and need your help. Learn more at AmericansForProsperity.org/Erick
The rest of the news:
Los Angeles mayoral candidate Rick Caruso declares he's not white because he's Italian - NBC
Russia Claims It Can Maintain Oil Production At 9.9 Million Bpd, Significantly Below Its OPEC+ Quota - ZeroHedge
Why Isn't The First Latina U.S. Senator Doing Better With Latino Voters? - Newsweek
Alex Jones must pay $965 million in damages to families of 8 Sandy Hook victims - NBC
Report projects major growth in LGBTQ voters in coming decades - Politico
Two Connecticut police officers fatally shot, one injured in Bristol - NY Post
Ewww: American Airlines flight makes emergency landing at Miami airport over ‘odor’ from passenger’s carry-on - NY Post
Oregon is suddenly in jeopardy, and Joe Biden wants to help - Politico
Biden says late son Beau 'lost his life in Iraq' during monument ceremony - Washington Examiner
Tweets that caught my eye: