This Week's State Of The Economy - What Is Ahead? - 11 June 2021

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Jun 26, 2021

This Week's State Of The Economy - What Is Ahead? - 11 June 2021

Okay, so I’ve gotten about half a dozen calls since Wednesday asking if I saw the May CPI numbers that came out this week.  The answer is yes.  Pretty eye-popping…especially if you have the misfortune of being in the market for a new or used car.  Drive extra careful, because you don’t want to be that person right now!

There are some more complete indicators on tap to be released next week that should give a more complete picture of what’s really going on, but it only makes sense that labor and product shortages are going to have to price-adjust at some point to bring demand and supply back into equilibrium, and that could definitely result in more inflationary pressure.

Wells Fargo’s Economists have pulled-out their Ouija board and looked into the future at the FOMC meeting that concludes June 16th.  They don’t expect any major policy changes from that meeting.  The recent increase in inflation could however induce some committee members to bring forward their forecasts of future rate hikes and open the discussion regarding the pace of asset purchases.




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