Panic-buying and fuel-hoarding after the recent outage of the Colonial Pipeline network is the cause of the US gasoline price spike, according to the chairman of Alfa Energy John Hall.
U.S. consumer prices have soared above economists’ predictions and by the most in more than a decade, as fiscal stimulus and booming demand pushed against supply constraints, potentially fueling market fears of a prolonged bout of higher inflation.
Human nature stays the same across time and space. That is why there used to be predictable political, economic, and social behavior that all countries understood.
A White House official on Sunday said the administration expects to see some “transitory inflation” as the United States emerges from the COVID-19 pandemic.
Inflation jumped in March, as prices for consumer goods, from gasoline to food, posted their biggest increase in almost nine years, the Bureau of Labor Statistics said Tuesday.
The Federal Reserve kept its policy rate unchanged on Wednesday but sharply ramped up its expectations for economic growth — while affirming that it does not plan to raise interest rates until 2023. The central bank also curiously reworded the public statement accompanying its decision.
