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Money Market Funds, Large CDs, Small CDs All Surged: Americans Figured it Out
Banks, forced by competition from money market funds, got the memo.
Money market funds have been paying over 5% since about April 2023, up from near 0% in April 2022, and Americans are liking it. A lot. And that has forced banks to compete for deposits by offering attractive interest rates on CDs. And Americans have flocked to those too.
The rapid climb in home equity has pushed up property taxes
No wonder they are so mad about TikTok all the time.
Red Lobsters loses $11 million on all you can eat shrimp deal...
I'm 0% surprised by this judging by what I see at restaurants when they offer all you can eat deals like this ...
it contributes to less inflation as far as restaurant prices but its not economically sustainable given obesity trends in the USA ...
so yes, there is a lot more high demand for restaurant deals like this compared to 25 to 30 years ago ...
https://nypost.com/2023/11/28/business/red-lobster-lost-11-million-because-of-its-all-you-can-eat-shrimp-deal/
.....
Inflation will be reported as whatever they want it to be.
GNL says
Inflation will be reported as whatever they want it to be.
yes its government reported inflation...what is your estimate of annual inflation ?
MOSCOW, Dec 14 (Reuters) - Soviet President Vladimir Pukin issued a rare apology on Thursday when a pensioner complained to him about the price of eggs.-- Reuters
During Pukin's end-of-year question and answer session with the media and with members of the public calling in from across the USSR, pensioner Irina Akopova was shown seated at her kitchen table and addressing the president by video link.
She complained that prices for eggs, chicken breasts and wings had all skyrocketed.
"Vladimir Vladimirovich, take pity on pensioners! We don't get millions in our pensions. Sort this out - we have no one to turn to," she said. "I'm very grateful to you, I'm counting on you to help."
The question reflected real concern among Soviets at the cost of living, and came after Pukin had already acknowledged that inflation may approach 8% this year.
"I apologise for this, but this is a failure of the government's work... I promise that the situation will be corrected in the near future," Pukin said.
The marathon Q+A is a format that gives Putin the chance to show he is sympathetic with ordinary people's worries and is ordering the relevant officials to sort them out.
The government this week said it would exempt 1.2 billion eggs from import duty in the first half of next year to try and rein in prices that have risen more than 40% this year.
Democrat President Joe Biden has just unveiled new plans to impose massive restrictions on offshore oil drilling.
According to the announcement, only three offshore drilling leases would be authorized over the next five years.
It marks the lowest number in U.S. history.
As part of the plan, “green” energy sources will be aggressively pursued instead.
This will cause yet more Bidenflation.
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https://patrick.net/post/1344548/2022-04-11-putin-s-price-hike-failing-administrati
Frankly, I prefer my spaceship to have big tits and not fake inflated ones.
EDIT - numbers drop:
America goes back to the 80s: Surging gas prices and higher rents push inflation to 41-year high of 8.5% as White House blames it on Putin invading Ukraine
The consumer price index rose 8.5% in March from a year ago, the fastest increase since December 1981
Housing costs, which make up about a third of the index, have escalated and show no signs of cooling
Gasoline prices soared 49% in March from a year ago as the war in Ukraine rocked energy markets
Biden's administration tried to get ahead of the dire inflation news by blaming Russian leader Vladimir Putin
But Republicans place the blame for soaring prices on 'Democrats' reckless spending and failed policies'
https://www.dailymail.co.uk/news/article-10711311/Inflation-soars-new-41-year-high-8-5.html?source=patrick.net