inflation

Traditionally, this is the time of year where joy and happiness fill homes across the nation.

And given how rough this year has been, it’s safe to assume that every American was looking forward to this holiday season.

However, it apparently seems to be shaping up to be a doom and gloom type of season as Americans weigh in on how they feel the following months and the year ahead will play out.

To put it nicely, Americans are anxious.

Well, that’s what the Federal Reserve Bank of New York’s recently published Survey of Consumer Expectations report shows.

According to the report, there is a high level of economic anxiety over household finances, the labor market, and of course, inflation.

Americans believe inflation will rise to 5.7% over the next 12 months.

Unfortunately, they do have valid reasons to think as such.

For one, US inflation hit a three-decade high last month. The Labor Department has said the consumer-price index, which measures what consumers pay for goods and services, increased by 6.2% from a year ago.

It’s no surprise there is concern that households could come to expect an inflation rate above the 2% target the Federal Reserve considers ‘healthy’.

So, what about The Fed?

How do they feel about the current inflation experience?

Their preferred inflation gauge was at 4.4% in September, the highest since 1991.

Fed Vice Chair, Richard Clarida, stated in a recent speech:

“Inflation so far this year represents, to me, much more than a ‘moderate’ overshoot of our 2 percent longer-run inflation objective, and I would not consider a repeat performance next year a policy success.”

Among these factors, we also have to consider the supply chain bottlenecks that we have been battling for some time now.

The backlog of cargo ships with products, supplies, and goods are sitting, waiting to be unloaded at the ports off the west coast.

These pressing issues will be the cause for what many expect to be one of the most expensive holiday seasons that we have experienced in some time.

Sadly, you may have to brace yourself if your favorite Thanksgiving dishes aren’t in stock at the grocery store.

The supply chain crisis, labor shortages, and inflationary pressures are all problems that top executives believe will run longer than policymakers are expecting.

All of this has caused lead gains for gold, which historically, these are exact times where the precious metal shines.

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