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US Inflation data continues to shock

June 10, 2021

The US annual inflation gathered by the US Bureau of Labor Statistics rose in May to 5%. It is the highest rate since August 2008. In April inflation was 4.2% YoY.

The core inflation rate, without volatile products (food and energy), increased to 3.8% YoY from April’s level of 3%.

Both indexes show rising inflation pressure.

Analysts pointed out that the insane growth of the Fed’s balance and the money supply would eventually affect inflation. To convince the markets that the rate would remain at a minimum of 0.25% and the volume of the asset repurchase program on the Fed's balance would be preserved, the Fed repeatedly stated that it did not see inflation risks and that high inflation was temporary.

Note that the Fed monitors PCE inflation, not the inflation from the US Bureau of Labor Statistics. In April data showed the growth at 3.6% YoY, which was higher than the Fed’s projected median value of 2.4%. PCE inflation is to be published on June 25 by the BEA.

Company — USA
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    United States Department of the Treasury
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