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February Inflation Rises By Most In One Year; Empire Fed Misses Even As Optimism Rises To Highest In 12 Months
Following last month's surprising surge in the Empire Fed from a deep negative number to 10.04, the March print was less exciting, declining modestly to 9.24, on expectations of an unchanged number. The new orders and shipments indexes remained above zero, though both were somewhat lower than last month’s levels, dropping from 13.31 to 8.18 and 13.08 to 7.76, respectively. Price indexes showed that input price increases continued at a steady pace while selling prices were flat. Employment indexes suggested that labor market conditions were sluggish, with little change in employment levels and the length of the average workweek. The Number of Employees index dropped from 8.08 to 3.23, back to September 2012 levels. Naturally, with reality worse than expected, all hopes were put in the future as indexes for the six-month outlook pointed to an increasing level of optimism about future conditions, with the future general business conditions index rising to its highest level in nearly a year. This is only the 4th year in a row in which optimism about the future is orders of magnitude higher than the current reality. Thank the Fed's "wealth channel to support consumer spending."
In other economic news, headline inflation came higher than the expected 0.5%, with the 0.7% sequential print the highest in one year, driven by a surge in the gasoline index which rose 9.1% in February, "to account for almost three-fourths of the seasonally adjusted all items increase. The indexes for electricity, natural gas, and fuel oil also increased, leading to a 5.4 percent rise in the energy index. The food index increased slightly in February, rising 0.1 percent."
Luckily, since nobody needs food, gas or to heat their homes in winter, Core CPI ex food and energy was a tepid 0.2% increase in February, and 1.9% higher than a year ago - the number Japan's Abe would kill to be able to goalseek as well.
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DON'T LOOK AT IT!!! WE DON'T MENTION THE "I" WORD!!
THE SORCERER DOESN'T WANT US TO!
Testamony at 9:30, 300 page report, what a waste of fucking time. Politicians and bankers and lawyers all lie. Media lies. why bother?
because it's a sign from the central planners to the primary dealers of exactly HOW much liquidity they will be providing them in the future.
it's a little known fact that central planning always works well in the end --cliff clavin
Oh my god. I am missing out on the greatest bull market of all time. There will be no more bull market after this because there will be none. The market has become synonymous with bull market, so let's cut the bull out of it.
You mean the CPI-U bull market?
It just hit a new record high of 232.166, blowing past last September's high water mark.
The 0.819% monthly pop in CPI-U (without seasonal adjustment) will feed through to TIPS principal values during April.
Go Benny -- PIMP MY TIPS!
no room for a theory that the PDs tell exactly how much liquidity they want? I'm still a bit uneasy with this "central planning" meme - is it accurate when the megabanks & PDs have so much political power? When they provide the personnel for so many gov positions? When the optimal career is first in a bank and then in gov, and then in the political money collection biz and "advice" or a cozy megabank-fuelled hedgefund?
I see a cartel, a trust or megatrust, and that is a different animal, imho, and the very meme is wonderfully suited to dampen any request for anti-trust actions
i don't disagree, but it see it being more like the PDs email the Fed how much liquidity they want, the fed taking all these requests for consideration, and announces the final verdict through various hopium-induced press releases
My favorite inflation fighting devise is the serving container curved bottom. It doesn't cost any more but there is hardly anything in there either.
A plus to it is that you can throw it like a frisbee when it's empty.
Mine is the "box shrink" method. In March, the price of Huggies went up at target 11.5%. The price tag stayed the same but the box went from 116 diapers to 104. This is the second or third time they've shrunk the boxes since the two year old was born.
Use cloth. Fuck em.
Remember, folks, there is no inflation as long as you can still find bargains.
Because "constant inflation-adjusted prices prove that there is no inflation."
And any transitory price increases that you may be seeing are purely the result of speculation in the underlying commodities.
(Yep, it's been an 80+ year-long run of speculation. Pay no attention to that currency debaser and his printer behind the curtain. "I'll get you, my pretty --- and your little paycheck too!")
Knee-jerk algo read...'Market pump into Ludicrous mode!'
I think we're headed for 'Incredulous mode' any time now...who gets to pop the bubble?
Beyond 'incredulous mode' lies 'delusionary mode,' where 'full retard' becomes 'full 1000-mic acid trip.'
Into the mystic ... AND BEYOND!
Your own imagination is your only limit.
Inflation, and inflation expectations are contained.
The Bernank told me so.
And that's all that matters. Oh, you need food? Well, go die then I guess.
And in semi-related news, does this mean the guillotines come out soon? Please? Pretty please?
http://www.whitehousedossier.com/2013/03/14/republicans-serve-lobster-ob...
Why did I follow the link? Roll the motherfucking guillotines already.
I thought lobster's were the closely related to cockroaches? I hope he chokes on a cockroach.
93% ground beef is around $4 a pound. We're getting ready to switch to the 12oz package of ground breakfast sausage from the 99¢ store.
See? Deflation!
Fuck you, Bernanke!
don't worry, they'll soon address this little problem...
... by introducing chained-CPI, which reduces the CPI numbers.
Through February, the YoY inflation in "cost of living" (the everyday stuff like food, gas, clothes, utilities, insurance - sans house and car) steady at 14.26%. Truly, inflation is contained.
indeed...just look at cotton futures, printing 93 this am almost straight up (+34%) since Nov.
Cotton! BAH!
Summer's coming. Go naked.
"Repeat after me. There is no inflation." - "Uncle Buck" Ben Bernanke
<Ignore the top line inflation number and just focus on the "core" number stripped of food and energy. After all, who needs to eat or heat?>
That's just your "lying eyes" CD. Oh yeah, fuck you bernanke.
And look, right on cue. Gold being taken down cus.....well, you don't want the fire alarm to sound when there's a fire, otherwise the occupants might take notice and ruin the party.
<Sleep my pretty, sleep.>
10 AM Edit: Oh look again. Now Gold has popped much higher. It seems that take down was strategically timed to flush out the suckers and buy Gold lower just in time for the spike. I can't tell you how many times I've seen this happen over the last 2 years.
I think the exact number is 487.
"You should see the toast. I couldn't even get it through the door."
It's not inflation, it's deflation when the product contains less. Except by the pound then it's just out of season.
Now I actually *WANT* the DJIA to rise every day.
It's become so fucking absurd, that the more days of consecutive rises, the more people wake up to what a completely centrally planned state of affairs we're in.
That is so true escapekey. Everyone that I speak to has acknowledged that this "market" is the most fraudulent joke in history. Everyone knows it is rigged. The only question is, who is the joke on? If retail is needed to come in at some point, then the joke is on the PD's, because retail ain't coming back. If anything they are taking gains and heading into their bunkers. If retail is not needed then the joke is on us, because somehow these evil fucks will just keep enriching themselves while everyone else goes broke.
Right now it looks like the joke is on us.
The people will only stand for so much and then no one will trust the Gub'ment, markets or banks, they will keep their money and worthless script to themselves as credit and bank accounts will regain their loathsome regard.
oh noes, the bullshit number went up
Why do we still pay attention to these BS gubbermint numbers?
It's a big fuckin club... and we ain't in it.
A couple more months of higher inflation numbers tells me we are getting closer to the real gorilla in the room.
Fed funds needs to go up 50 bp. Now.
The fed needs to die. Now. fixed it
This calls for a stock market rally!
Sounds hope-ish!
No dope in hope, kids!
Good drugs take work.
Check out this number. I thought Z/H readers would get a chuckle out of it, being that chair Satan is bailing out Italy and Spain with POMO money.
00 USD US Foreign Buying, T-bonds 32.30B 29.90BThis is Obamas economy! Doing well isnt he?
you think this would be one iota different under mccain or romney?
McCain - no. He's really just a Democrat that wears an (R) after his name.
Romney - yes.
The stock market has been nationalized!!!
Inflation going up, allows these theives more tax dollars from us at the pump and grocery store.
The Bernacks morning slam down of gold and silver to keep inflation "subdued".........
I think I'll start printing my own money from the copier and play the market every day, buy everything everywhere because I can just print more!!!!!
If everyone would just follow your courageous example, we could all be rich as Croesus in no time.
John Law for Fed chairman!
Those lying sacks of shit. What's a crimminal look like? Well it wears a suit has a beard and bald head. Sometimes they walk with a limp if they've recently been neutered by the NWO and they'll also talk with a high pitched voice and laugh like a sissy. They are often referred to as ChairSatans.
The best way to rob a bank, is to own one.
Come on, stop being hypocrites. We all know this ~expansion~ in nominal GDP is fueled by money, not credit. GDP is going to boom in nominal terms (not real) thanks to Bernanke, and the Gold bugs will be vindicated. Enjoy inflation.
One word: FORWARD!!
Yep no inflation here either.
Just this morning I was informed that our house of lords is laying off staff who produce their 'Subsidized' food. These staff members are paid around £8.50 an hour here and our lords are paid just to turn up £300 a day. Rather than pay a little more for their 'Subsidized' meals, and keep the same number of staff, our right hounourable fucking thieves will pay the little man off, so these stinking inbred cunts can continue to fight inflation for them greedy fucking selves, while the fuckers who make the meals for them will be under staffed and overworked.
All to keep these fat greedy fucking inbred cunts in the lifestyle they so richly deserve.
Come on boys, not long now, lets go to war on these fucking parasites.
Wow,just wow. Recently here in San Diego it was exposed our city counsels were treating themselves to expensive lunches including $25 shots of Tequila on a regular basis. The taxpayers here reimbursed them 100%. Their only regret was they were caught. I sure in their perverted view they did nothing wrong. I'm just waiting for the " let them eat cake" moment when people wake up and give them what they most certainly deserve. Oh just as an aside since I mentioned Marie Antoinette ( who actually was never proven to have said that) the word cake that was used really meant crust. As in when the bakers removed bread from the pan there would be a crust left behind. Therefore the statement meant for the starving people to live off the dregs and garbage unfit for the privileged to consume. Kind of takes on an entirely different meaning in that context!
Miffed;-)
Ben, how much inflation are you going to pump into China in order to initiate the process of transition from trade/FX wars into a real one?
Good luck, Ben.
I find it with high irony that Mila Kunis goes on CNBC, and says she is now out of cash and is all about buying up stocks, just as she promotes the movie she stars in where she plays the FUCKING WITCH OF OZ.
It's like the God of Irony is trolling us all.
Look at this headline from NBC:
Consumer prices soar, but inflation is in checkIs this a fucking level?
(Hint): SELL SELL SELL
Who the hell published this report and forgot to seasonally adjust away all the inflation? Take this down and fix it immediately! -- B. Bernanke, Prez
I was able to get a glimpse of the future CPI forecasts by the FED through 2020....
CORE CPI IS 2.0......no need for changes
The numbers are bogus(inflation being much higher). But, if they are letting the numbers come in higher it means they are trying to cool down some of the speculation going on. Consider the Fed the most powerful market maker ever. They will play games. Report numbers with th sole inent of trying to get the bidders to move in a certain direction....