Morning Wire Commerce Dept. Inflation Data & Lab Leak Theory Conclusion | 2.27.23
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Feb 27, 2023 The Federal Reserve's plans to raise interest rates are pushed by new inflation data, signaling economic uncertainty. A U.S. Energy Department report concludes that COVID-19 likely originated from a lab leak, igniting debate over the virus's beginnings. Additionally, a controversial breach of military privacy raises alarms as personal records of political candidates are leaked to opposition firms. This episode delves into the complexities of inflation trends and the evolving narrative on pandemic origins.
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Inflation Concerns
- The Personal Consumption Expenditures Price Index increased 5.4% from last year, exceeding predictions.
- This suggests inflation isn't steadily declining, impacting the Fed's interest rate decisions.
Economic Paradox
- Despite falling unemployment and rising consumer spending, the low unemployment rate allows the Fed to raise rates.
- They aim to slow the economy and curb inflation by increasing unemployment.
Housing Market Slowdown
- Mortgage rates rose to 6.5%, impacting the housing market significantly.
- High rates discourage selling and buying, leading to low inventory and affordability challenges.