This morning, all eyes on the Fed’s upcoming interest rate decision as the new inflation report shows Americans battling rising prices on food and gas. Inflation overall up 0.4% compared to a month ago.
Diesel prices hitting another record on Friday, soaring past $6 a gallon due to the war with Ukraine. Farmers feeling the pain in the heart of harvest season And the price of gas, up 3.9% in August. The national average per gallon of gas sitting at $4.30, jumping 18 cents in a week, according to GasBuddy. Truck drivers hauling goods across the country, frustrated and feeling the pinch.
Economists warn high diesel prices mean higher costs for shipping goods. This will hit the wallets of Americans as the price of everyday items go up.
With inflation sitting at 3.4%, the latest government data showing paychecks aren’t keeping up. Wages down 0.3% compared to a year ago when adjusted for inflation.
And next week, all eyes will be on Fed Chair Jerome Powell. Will he, or won’t he raise interest rates? Based on the latest government data, investors believe he will, but the decision will impact borrowing costs, everything from car loans, credit card rates, and mortgages. Whit?
