Last week proved to be a roller coaster for the US economy, with potential policy shifts, looming labor strikes, and mounting inflation concerns. Key highlights include speculations on the Federal Reserve’s inflation target, potential repercussions from a United Auto Workers strike, a surprising surge in producer prices, massive losses for the Federal Reserve, and falling US incomes based on recent census data.
Peter Schiff Comments on Fed’s Alleged Secret Inflation Target
Gold bull Peter Schiff stirred the pot last week, hinting that the Federal Reserve might have covertly abandoned its 2% inflation target. Schiff suggests that the central bank may subtly do away with price stability as a mandate, despite the closely-watched consumer price inflation report’s implications for Federal Reserve monetary policy. Read the full article here.
Potential UAW Strike Could Cost US Economy Billions
The US auto industry’s recovery from the pandemic and semiconductor shortages could face a new roadblock – a potential strike by the United Auto Workers (UAW). Should a 10-day strike against General Motors Co. (NYSE:GM), Ford Motor Co. (NYSE:F), and Stellantis NV (NYSE:STLA) take place, the US GDP could take a $5.6 billion hit, with the Michigan economy possibly plunging into recession, according to the Anderson Group. Read the full ...