Gone In November? US Inflation Growth Slows To 7.1% YoY, Real Hourly Wage Growth “Improves” To -1.9% YoY (Fuel Oil UP 65.7%, Food At Home UP 12%)

Is inflation “gone in November”? Nope. Slowing, yes, but at 7.1% YoY and core inflation at 6.0% YoY, it is still considerably higher than The Fed’s target of 2%.

And the American middle class and low wage workers are still suffering with REAL average hourly earnings growth at -1.9% YoY.

The biggest losers in the inflation report for November? Food at home up 12% YoY, Fuel Oil up 65.7% YoY and “shelter” up 7.1% YoY. I call this the household bundle … of pain.

On the jobs report, the 10-year US Treasury yield fell nearly 20 basis points. Mortgage rates should follow downwards tomorrow.

Here are Joe Biden and The Federal Reserve doing a magic trick by turning a great economy into a recession.