Producer prices rose in May by the most on record as the reopening of the U.S. economy from COVID-19 lockdowns gathered momentum.
The producer price index for final demand last month increased at a 6.6% annual pace, quickening from last month’s 6.2% gain, the Labor Department said. The annual reading for May was the hottest since recordkeeping began in November 2010.
Fuuucccckkkk. It may be even worse than that...
Everything and I mean everything is skyrocketing in price, from cars and real estate to food and gas. Consumer goods, raw material, everything.
Meanwhile Chase CEO Jamie Dimon is breaking ranks with the rest of Wall Street, saying that inflation may not be "transitory" and reveals that Chase is hoarding cash. Like a lot of it.
Jamie Dimon Says He Has JPMorgan Chase ‘Effectively Stockpiling’ Cash Because There’s a ‘Very Good Chance’ of Long-Term Inflation
A lot of cash in this case being...a lot.
“If you look at our balance sheet, we have $500 billion in cash, we’ve actually been effectively stockpiling more and more cash waiting for opportunities to invest at higher rates,” Dimon said. “I do expect to see higher rates and more inflation, and we’re prepared for that.”
Five. Hundred. Billion. Dollars.
Jamie is a globalist asshat but he didn't get to where he is by being dumb....