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Monday, August 04, 2008

 

preemptive rate hikes?


i shook my head when it was first postulated. it would still be a terrible mistake in my view. but pressure on the federal reserve bank to raise policy rates is going to ratchet up following this, per bloomberg.

The biggest increase in prices in almost three decades eroded consumers' buying power in June, diminishing the boost from the government's tax rebates.

Consumer inflation climbed 0.8 percent, the most since February 1981, the Commerce Department said today in Washington. Spending increased 0.6 percent after a 0.8 percent gain in May.


real spending continued to decline -- this is a recession, after all -- but inflation is out of the barn. this is the 1931 scenario.

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