Inflation Near 40-Year High Shocks Americans, Spooks Washington (As Largest Wealth Redistribution In US History Occurs … Towards The 1%)

The U.S. is poised to enter Year Three of the pandemic with both a booming economy and a still-mutating virus. But for Washington and Wall Street, one Covid aftershock is starting to eclipse almost everything else.

Already-hot inflation is forecast to climb even further when November data comes out on Friday, to 6.8%. That would be the highest rate since Jimmy Carter was president in the early 1980s — and in the lifetimes of most Americans.

And the CPI change since last year, according to the Federal Reserve of St Louis FRED is a staggering 16.262%.

And with U.S. Jobless Claims plunge to 52-year low, its about time that The Fed begins removing the humongous monetary stimulus.

After all, largely thanks to Federal Reserve policies, we have seen the greatest wealth redistribution in US history … to the top 1%.

And away from the bottom 50%.

Way to go Federal Reserve!