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Message: <blockquote data-quote="SlugSlinger" data-source="post: 3691463" data-attributes="member: 7248"><h3>Probably won't see this in the main stream media.  And the dims just voted to increase the debt limit to $31.4T.  Then we can add $5T for the dims build back broke bill.</h3><h3></h3><h3>Wholesale Inflation Rose at Record Annual Rate of 9.6% in November</h3>The report comes as the Federal Reserve meets to consider changes to monetary policy.The inflation picture does not get any prettier, as the Labor Department reported on Tuesday that producer prices rose at a record pace in November.The 0.8% monthly increase was above expectations of a 0.5% increase. The 9.6% annual rate of increase was the highest for the series dating back to 2010 and above forecasts for a 9.2% rise.The reading on wholesale prices follows last week’s measure of consumer inflation that showed prices rose at an annual rate of 6.8% last month, the fastest pace in nearly 40 years.The PPI was led by increases in prices for iron and steel scrap, as well as gasoline, fresh fruit and vegetables. Prices for goods rose 1.2% last month, while prices of services rose 0.7%.The Federal Reserve begins a two-day meeting Tuesday where it will consider increasing its announced plan to reduce by $15 billion a month its $120 billion monthly purchases of Treasuries and mortgage-backed securities. The purchases have been part of the Fed’s aggressive approach to fighting the economic effects of the coronavirus.Most observers expect the central bank to pare its purchases by $30 billion a month but market watchers will also want to hear what Fed Chair Jerome Powell says about the Fed’s latest economic forecasts and expectations for inflation in 2022 and beyond.“If we look through the so far short lived Omicron dip, admittedly a leap of faith at this point, we are left with the overriding question of inflation and where it is headed,” Ameriprise Chief Market Strategist David Joy wrote Monday. “This is the primary question the Fed will face this week. It has already begun to taper, and Powell has dropped the transitory qualifier”“And there is every reason to expect that the pace of tapering will be accelerated,” Joy added. “The Fed is being encouraged to complete taper by March, clearing the way for greater flexibility to raise rates as soon as it sees fit.”Meanwhile, the NFIB Small Business Optimism Index rose 0.2 points in November to 98.4, but a record 59% of small business owners said they had increased their prices last month. That is the highest reading since 1979.“As the end of the year nears, the outlook for business conditions is not encouraging to small business owners as lawmakers propose additional mandates and tax increases,” said NFIB Chief Economist Bill Dunkelberg. “Owners are also pessimistic as many continue managing challenges like rampant inflation and supply chain disruptions that are impacting their businesses right now.”</blockquote>

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