In this file:

 

·         Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation…

·         CNN reporter says Biden 'worse than Jimmy Carter' on inflation, Americans 'holding him responsible'

… the Consumer Price Index was the worst it's been in a midterm cycle since 1974…

 

·         Biden threatens oil companies with 'emergency powers' if they don't boost supply amid inflation spike

·         Biden administration proposes plan to have all Americans pay $350 to upgrade their furnaces so they are 'energy efficient' by 2029

 

·         30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago

·         Biden says he’s ‘changing people’s lives’ — critics say, ‘Yeah, for the worse’

 

·         The Post says: Biden pumps out more economic baloney

 

 

 

Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994

 

o   The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994.

o   According to the “dot plot” of individual members’ expectations, the Fed’s benchmark rate will end the year at 3.4%, an upward revision of 1.5 percentage points from the March estimate.

o   Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March.

 

Jeff Cox, CNBC

Jun 15, 2022

 

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994.

 

Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of 1.5%-1.75%, the highest since just before the Covid pandemic began in March 2020.

 

Stocks were volatile after the decision but turned higher as Fed Chairman Jerome Powell spoke in his post-meeting news conference.

 

“Clearly, today’s 75 basis point increase is an unusually large one, and I do not expect moves of this size to be common,” Powell said...

 

more, including links

https://www.cnbc.com/2022/06/15/fed-hikes-its-benchmark-interest-rate-by-three-quarters-of-a-point-the-biggest-increase-since-1994.html

 

 

CNN reporter says Biden 'worse than Jimmy Carter' on inflation, Americans 'holding him responsible'

Senior data reporter Harry Enten also noted Republicans were more trusted on handling the economy

 

By Hanna Panreck | Fox News

June 15, 2022

 

CNN senior data reporter Harry Enten said Tuesday night on CNN that President Biden was doing worse than Jimmy Carter on inflation and that American people were "holding him responsible."

 

Host Anderson Cooper asked Enten about inflation and how bad it really was for Americans. The CNN reporter said it was "awful."

 

"How people feel about it is even worse, I mean you look at the consumer sentiment right now and what do you see? This is the worst consumer sentiment ever measured by the University of Michigan going all the way back to 1952," Enten said, referencing data from the University of Michigan that was posted on the screen.

 

He also noted that inflation got Carter and "killed that presidency" and that the Consumer Price Index was the worst it's been in a midterm cycle since 1974.

 

Enten noted Biden's disapproval rating on inflation was over 70% and that Carter's was at 66% when he was in office.

 

"When you're doing worse than Jimmy Carter's doing in the minds of Americans on inflation you know that they're holding you responsible for the conditions that are currently on the ground that are hurting Americans in their pocketbooks," Enten said...

 

more

https://www.foxnews.com/media/cnn-reporter-biden-worse-jimmy-carter-inflation-americans-holding-him-responsible

 

 

Biden threatens oil companies with 'emergency powers' if they don't boost supply amid inflation spike

Biden says oil companies are earning 'historically high' profits

 

By Anders Hagstrom, FOXBusiness

June 15, 2022

 

President Biden may resort to using emergency powers if American oil companies don't increase output at their refineries, the president told oil CEOs in a series of letters Wednesday.

 

Biden's statement blames oil companies for running "historically high profit margins" even as Americans experience surging gas prices. Biden has recently faced criticism for a lack of executive action aimed at curbing inflation.

 

"There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing," Biden wrote. "But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain."

 

"Your companies and others have an opportunity to take immediate actions to increase the supply of gasoline, diesel and other refined product you are producing," he continued. "My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied."

 

Biden sent letters to Marathon Petroleum Corp, Valero Energy Corp, ExxonMobil, Phillips 66, Chevron, BP and Shell.

 

The letters represent Biden's latest attempt to use executive action to curb inflationary pressure. Inflation currently sits at a 40-year high of 8.6% and shows no signs of slowing down...

 

more

https://www.foxbusiness.com/politics/biden-threatens-oil-companies-emergency-powers-supply-inflation

 

 

Biden administration proposes plan to have all Americans pay $350 to upgrade their furnaces so they are 'energy efficient' by 2029

 

o   The new rule would require that gas-burning residential furnaces be condensing gas furnaces

o   Condensing furnaces which reuse gas and water vapor that normal noncondensing furnaces vent into the atmosphere

o   All gas-burning furnaces on the market would have to be converted from condensing to non-condensing by 2029 

o   The rule is now open for public comment on the Federal Register for the next 60 days before its final consideration

 

By Morgan Phillips, Politics Reporter For Dailymail.Com (UK)

15 June 2022

 

President Biden's Energy Department has proposed a new rule that would require homeowners looking to buy a new furnace to install a 95 percent energy-efficient one within the next seven years.

 

The new rule would require that gas-burning residential furnaces be condensing gas furnaces, which reuse gas and water vapor that normal noncondensing furnaces vent into the atmosphere. It would require that all gas-burning furnaces on the market to be switched over by 2029.

 

The rule is now open for public comment on the Federal Register for the next 60 days before its final consideration. 

 

Condensing furnaces cost about $350 more than noncondensing furnaces, according to a 2017 public comment from the American Gas Association when President Obama tried to implement a similar rule. Condensing models also cost about $1,500 to $2,200 to install.

 

The current national average cost to replace a furnace, including materials and labor, is $4,671, according to HomeAdvisor.

 

The Department of Energy (DOE) estimates that the new furnaces will save households about $60 per year, a number that totals $30.3 billion over the next 30 years.  It also estimated that the rule would eliminate more than 360 million metric tons of carbon emissions.

 

'By updating energy standards for many carbon-emitting appliances, such as home furnaces, the Biden Administration is working to save consumers money,' Secretary of Energy Jennifer Granholm said in a statement.

 

Older furnaces currently have a fuel efficiency rate of around 56 percent, according to DOE. The new rule would be the first significant update to furnace efficiency standards in decades.

 

The Obama-era proposal would have required furnaces to be 92 percent efficient, though the rule never came to fruition. One of former President Trump's last moves in office was a January 2021 rule requiring energy efficiency standards to allow noncondensing furnaces to stay on the market.

 

The new rule comes after on Tuesday Granholm suggested electric cars were a solution to sky-high gas prices...

 

more

https://www.dailymail.co.uk/news/article-10920449/Biden-Energy-Dept-proposes-energy-efficient-furnace-plan.html

 

 

30-year mortgage rate surges to 6.28%, up from 5.5% just a week ago

 

o   The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily.

o   The rate was 5.55% one week ago.

o   Rising rates have caused a sharp turnaround in the housing market. Home sales have fallen for six straight months, according to the National Association of Realtors.

 

Diana Olick, CNBC

June 14, 2022

 

Mortgage rates jumped sharply this week, as fears of a potentially more aggressive rate hike from the Federal Reserve upset financial markets.

 

The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily. That followed a 33 basis point jump Monday. The rate was 5.55% one week ago.

 

Rising rates have caused a sharp turnaround in the housing market. Mortgage demand has plummeted. Home sales have fallen for six straight months, according to the National Association of Realtors. Rising rates have so far done little to chill the red-hot home prices fueled by historically strong, pandemic-driven demand and record low supply.

 

The drastic rate jump this week is the worst since the so-called taper tantrum in July 2013, when investors sent Treasury yields soaring after the Fed said it would slow down its purchases of the bonds...

 

more

https://www.cnbc.com/2022/06/14/30-year-mortgage-rate-surges-to-6point28percent-up-from-5point5percent-just-a-week-ago.html

 

 

Biden says he’s ‘changing people’s lives’ — critics say, ‘Yeah, for the worse’

 

By Steven Nelson, New York Post

June 14, 2022

 

Finally, a statement President Biden and his critics can both agree on.

 

The commander-in-chief insisted during a speech to AFL-CIO union members in Philadelphia Tuesday that government spending was “changing people’s lives.”

 

His opponents ironically concurred, pointing to annual inflation that soared to 8.6% last month.

 

“I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives!” Biden shouted at one point during his remarks.

 

“Under President Biden, Americans’ lives have changed for the worst,” tweeted Rep. Mike Rogers (R-Ala.).

 

“Pres. Biden is right,” tweeted Sen. John Kennedy (R-La.). “40-year-high inflation, formula shortages, and $5 gas are changing lives …”

 

“You’re changing their lives alright,” snarked Sen. Josh Hawley (R-Mo.). “$5+ gas, no baby formula, historic inflation, historic crime wave”.

 

Back on the Philadelphia stage, Biden denied the charge by Republicans, federal bankers and even Amazon and Washington Post owner Jeff Bezos that his spending had spurred inflation, which has driven up prices more steeply than at any time since 1981...

 

...Biden went on to claim Tuesday that he “put America in a position to tackle a worldwide problem that’s worse everywhere but here: inflation” — even though US inflation actually is higher than in most other Western nations.

 

Inflation in the US in May — 8.6% — was higher than the Eurozone average of 8.1% and South Korea’s 5.4%. Australia’s most recent data — 5.1% in March — showed lower inflation than the US rate of 8.5% that month. Canada’s most recent data — 6.8% in April — was also lower than the comparable 8.3% US rate...

 

more

https://nypost.com/2022/06/14/biden-government-spending-changing-peoples-lives-as-economy-sinks/

 

 

The Post says: Biden pumps out more economic baloney

 

By New York Post Editorial Board     

June 14, 2022

 

The malarkey never stops with Joe Biden.

 

The president doubled down Tuesday on his economic delusions for a crowd of union members in Philly: “I don’t want to hear any more of these lies about reckless spending. We are changing people’s lives.” 

 

His policy has changed people’s lives: for the worse, by sticking Americans with crushing inflation, a tanking stock market and a looming recession — precisely through his reckless spending, his war on the US energy industry and other policies.

 

His $1.9 trillion American Rescue Plan dumped stimulus on an already-hot economy and triggered the inflation mess, yet he’s still calling for more spending hikes. (Thank Sen. Joe Manchin for blocking his $5 trillion Build Back Better madness.)

 

He also took the time to try to blame Donald Trump for the policy failures of Biden’s own Democratic Party colleagues during COVID. There were “ordinary people waiting in line for an hour for a box of food,” Biden huffed about Trump. Well, there were — but only because blue-state governors and national Democrats went into DefCon-4 over the virus and demanded lockdowns that restricted supply and wrecked the record job growth his predecessor had overseen. 

 

We have yet to recover from that, by the way. Giving the lie to another standard piece of Biden propaganda, his claim to have created 8-odd million jobs: He’s created nary a one, just presided over an anemic recovery that’s still left us shy of the pre-COVID mark.

 

He even took up a favorite pastime: stealing, er, borrowing from left-wing British politicians. In 1987 it was Neil Kinnock; 35 years later it’s Jeremy Corbyn. Biden cried, “America still has a choice to make — a choice between a government by the few for the few,” a blatant knock-off of Corbyn’s 2017 Labor manifesto tagline “For the many, not the few.”

 

Bottom line: Our president is in complete denial about both the perilous state of the US economy and where the blame for it lies. Until he gets his head out of … the clouds, inflation and all our other economic woes are only going to get worse.

 

document, plus links

https://nypost.com/2022/06/14/the-post-says-biden-pumps-out-more-economic-baloney/