Despite good news about COVID-19 vaccinations, a solid economic rebound and seemingly boundless optimism on Wall Street, we're nowhere near out of the woods.
But the government can do only so much. The move to a 24/7 schedule is"low-hanging fruit," said Geoff Freeman, CEO of the Consumer Brands Association. Ports overseas have been operating that way for months. On Wednesday, the official word from the Fed was this:"The staff continued to expect that this year's rise in inflation would prove to be transitory." On the same day, the government published data showing the consumer price index soared 5.4% in September from a year earlier.
American households can expect to spend 54% more for propane, 43% more for home heating oil, 30% more for natural gas and 6% more for electric heating, the US Energy Information Administration said Wednesday. "No one would be spared," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told CNN last month."It would be such a self-imposed disaster that we wouldn't recover from, all at a time when our role in the world is already being questioned."In the face of so much risk, you might wonder why on Earth Wall Street seems so unbothered.
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