b_m_b_m_b_m Posted June 10, 2022 Share Posted June 10, 2022 Inflation rose 8.6% in May, highest since 1981 WWW.CNBC.COM The consumer price index for May was expected to increase 8.3% from a year ago, according to Dow Jones estimates. Quote The consumer price index rose 8.6% in May from a year ago, the highest increase since December 1981. Core inflation excluding food and energy rose 6%. Both were higher than expected. Surging food, gas and energy prices all contributed to the gain, with fuel oil up 106.7% over the past year. Shelter costs, which comprise about one-third of the CPI, rose at the fastest 12-month pace in 31 years. The rise in inflation meant workers lost more ground in May, with real wages declining 0.6% from April and 3% on a 12-month basis. Quote On a monthly basis, headline CPI was up 1% while core rose 0.6%, compared to respective estimates of 0.7% and 0.5%. Surging shelter, gasoline and food prices all contributed to the increase. Energy prices broadly rose 3.9% from a month ago, bringing the annual gain to 34.6%. Within the category, fuel oil posted a 16.9% monthly gain, pushing the 12-month surge to 106.7%. Shelter costs, which account for about a one-third weighting on the CPI, rose 0.6% for the month, the fastest one-month gain since March 2004. The 5.5% 12-month gain is the most since February 1991. Finally, food costs climbed another 1.2% in May, bringing the year-over-year gain to 10.1%. I know it’s my hobby horse but it’s quite clear to see that building a fucking lot of dense housing would cut down on inflation in two categories: shelter and fuel. 1 1 Quote Link to comment Share on other sites More sharing options...
Massdriver Posted June 10, 2022 Share Posted June 10, 2022 This pretty much guarantees a recession in my humble opinion. The Fed will act aggressively. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted June 10, 2022 Author Share Posted June 10, 2022 7 minutes ago, Massdriver said: This pretty much guarantees a recession in my humble opinion. The Fed will act aggressively. It’s an absolute shame we don’t have a functional legislature because there are things that can be done on the fiscal side to help with inflation that just won’t happen! Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted June 10, 2022 Share Posted June 10, 2022 Hmmmm... Build more dense housing to allow people to be able to walk to work/store/etc... I don't know, I don't buy it. Where would I put my car? Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted June 10, 2022 Author Share Posted June 10, 2022 5 minutes ago, Fizzzzle said: Hmmmm... Build more dense housing to allow people to be able to walk to work/store/etc... I don't know, I don't buy it. Where would I put my car? I love getting downvoted on my local subreddit for suggesting that areas within a half mile of our BRT line have maximum parking requirements and nearly unlimited density. because shitty old homes would have to be destroyed. Thanks but I don’t like knob and tube wiring and asbestos in the walls Quote Link to comment Share on other sites More sharing options...
Fizzzzle Posted June 10, 2022 Share Posted June 10, 2022 1 hour ago, b_m_b_m_b_m said: I love getting downvoted on my local subreddit for suggesting that areas within a half mile of our BRT line have maximum parking requirements and nearly unlimited density. because shitty old homes would have to be destroyed. Thanks but I don’t like knob and tube wiring and asbestos in the walls And mold. And termites. And wiring that hasn't been redone since 1975, so half of the power outlets don't work. Which is kind of a fire hazard, btw. Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted June 10, 2022 Share Posted June 10, 2022 Some economists predict the Fed will hike rates by as much as 0.75% next week WWW.CNBC.COM An unexpectedly hot inflation reading prompted a duo of economists to call for a big rate hike at the Fed's policy meeting next week. @rc0101 Quote Link to comment Share on other sites More sharing options...
CitizenVectron Posted June 10, 2022 Share Posted June 10, 2022 I am really enjoying my 5-year locked in mortgage at 1.29%. On the other hand...the renewal in 2026 is going to be rough. Quote Link to comment Share on other sites More sharing options...
rc0101 Posted June 11, 2022 Share Posted June 11, 2022 6 hours ago, Commissar SFLUFAN said: Some economists predict the Fed will hike rates by as much as 0.75% next week WWW.CNBC.COM An unexpectedly hot inflation reading prompted a duo of economists to call for a big rate hike at the Fed's policy meeting next week. @rc0101 That would be crazy Quote Link to comment Share on other sites More sharing options...
Brian Posted June 11, 2022 Share Posted June 11, 2022 Better lock in those rates while you can 1 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted June 11, 2022 Share Posted June 11, 2022 36 minutes ago, rc0101 said: That would be crazy But not necessarily out of the question. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted June 11, 2022 Author Share Posted June 11, 2022 2.5% but pmi Quote Link to comment Share on other sites More sharing options...
CayceG Posted June 11, 2022 Share Posted June 11, 2022 I locked in a refinance last year at 2.75% and eliminated by PMI. Feels good. Although I did put 11 gallons of gas in my Ford Fiesta to the tune of $58 yesterday. Quote Link to comment Share on other sites More sharing options...
Zaku3 Posted June 11, 2022 Share Posted June 11, 2022 12 minutes ago, CayceG said: I locked in a refinance last year at 2.75% and eliminated by PMI. Feels good. Although I did put 11 gallons of gas in my Ford Fiesta to the tune of $58 yesterday. Win some, you lose some. Quote Link to comment Share on other sites More sharing options...
rc0101 Posted June 11, 2022 Share Posted June 11, 2022 14 hours ago, Commissar SFLUFAN said: But not necessarily out of the question. For sure not out of the question. .75% puts a really strong CRE loan at or close to 6% where I’m at. Those guys for the most part have never seen a rate above 4.5%. Quote Link to comment Share on other sites More sharing options...
Oberon Posted June 11, 2022 Share Posted June 11, 2022 1.875% 30 year fixed for my home (love my employee bonus) Just annoyed my HELOC rates is going to skyrocket this year 2 Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted June 11, 2022 Share Posted June 11, 2022 Lol I’m paying $850 a month for a one bedroom rental, you can all blow me Quote Link to comment Share on other sites More sharing options...
Comet Posted June 12, 2022 Share Posted June 12, 2022 On 6/10/2022 at 10:18 AM, b_m_b_m_b_m said: I love getting downvoted on my local subreddit for suggesting that areas within a half mile of our BRT line have maximum parking requirements and nearly unlimited density. because shitty old homes would have to be destroyed. Thanks but I don’t like knob and tube wiring and asbestos in the walls You are now a mod on /r/fuckcars. By the way I wholeheartedly agree with you. I’m traveling internationally and seeing other places not so god damned reliant on cars is nice. Quote Link to comment Share on other sites More sharing options...
BloodyHell Posted June 12, 2022 Share Posted June 12, 2022 On 6/10/2022 at 10:55 AM, b_m_b_m_b_m said: Inflation rose 8.6% in May, highest since 1981 WWW.CNBC.COM The consumer price index for May was expected to increase 8.3% from a year ago, according to Dow Jones estimates. I know it’s my hobby horse but it’s quite clear to see that building a fucking lot of dense housing would cut down on inflation in two categories: shelter and fuel. Since that wouldn't IMMEDIATELY help the problem, it's obviously better to do nothing. Quote Link to comment Share on other sites More sharing options...
BloodyHell Posted June 12, 2022 Share Posted June 12, 2022 On 6/10/2022 at 3:23 PM, CitizenVectron said: I am really enjoying my 5-year locked in mortgage at 1.29%. On the other hand...the renewal in 2026 is going to be rough. Worry Pas. Society will have truly fallen apart by then, and Canada will suffer whatever fate it’s shit stained underwear does. 😀 Quote Link to comment Share on other sites More sharing options...
Commissar SFLUFAN Posted June 12, 2022 Share Posted June 12, 2022 21 hours ago, rc0101 said: For sure not out of the question. .75% puts a really strong CRE loan at or close to 6% where I’m at. Those guys for the most part have never seen a rate above 4.5%. You just know that at least one person on the Fed staff has made a very compelling case for a 100 basis point increase, probably using the argument that "ripping the band-aid off" is the only way to ensure that the seemingly inevitable recession is as short as possible. Quote Link to comment Share on other sites More sharing options...
Ricofoley Posted June 12, 2022 Share Posted June 12, 2022 This is pretty jargon heavy, but this guy puts what the mortgage markets did at the end of last week as one of five "painful moments" he's seen over 44 years, and two of the other four are in the direct run up to the '08 crash. 1 Quote Link to comment Share on other sites More sharing options...
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