This videos explains the current economic and political disaster unfolding and how this makes the U.S. very vulnerable now.

The post DISASTER! The U.S. Is Making Itself VERY VULNERABLE Now! appeared first on We Are Change.

This report shows you what the government is really up to and the real life consequences.

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This report explains how it’s all falling apart legally, financially and in the cities.

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This video covers Silicon Valley Bank, their recent bankruptcy, how this is affecting the financial markets and how you can protect yourself moving forward.

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This video gives you the truth you’re not getting in the news about what’s being done to the economy and how this crash is just the beginning.

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This report explains the truth you’re not getting in the news about what became of the uprising in Canada.

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This video explains what’s going on with the response, the balloon and the larger power struggle around the world.

The post CRAZY: They’re Doing THIS And No One’s Noticing! appeared first on We Are Change.

This video explains how they failed and what’s going on with the larger power struggle around the world.

The post THIS is why they FAILED…🤦 appeared first on We Are Change.

“Currently, households’ demand for buying physical gold in bars has increased, driven, in particular, by the abolition of value-added tax on these operations,” reads a statement from the central bank.

On Feb. 28, the central bank raised the key rate from 9.5% to 20% as the ruble crashed to record lows amid the Kremlin’s so-called “special operation” in Ukraine. The announcement is a flip-flop from a February announcement that the financial authority would resume gold purchases after commercial banks were hit with Western sanctions in response to the invasion.

“With the goal of diversifying the central bank’s reserves, at the moment there is no sense in building up reserves in gold,” according to VTB analysts, who added that the banking sector’s structural liquidity deficit had contracted to under 4 trillion rubles (US$36 billion), down from a record 7 trillion rubles.

Before the rush into gold, many wealthy Russians had been purchasing luxury items such as watches and other jewelry in order to defend against the ruble’s tumble. While cryptos were also purchased aggressively, there is little insight into who much bitcoin Russians currently own.

Analysts from BCS suggested that the gold purchases will help reduce the amount of cash in circulation, and will help banks’ liquidity.

In lieu of funding via gold purchases, Russia’s central bank has been providing liquidity to banks through more conventional operations such as holding daily repo auctions at lending institutions. So far, these have proven sufficient.

Republished from ZeroHedge.com with permission

The post So Many Russians Are Buying Gold That Central Bank Halts Bank Purchases appeared first on We Are Change.

Russia’s RIA news agency is reporting that the new decree blocks all exports and raw materials from Russia “of certain materials” – with state media reports noting the specific list will be made public in two days.

Details remain vague and murky, with the below rush machine translation of the RIA story reading as follows…

“President Vladimir Putin signed a decree on the application of special economic measures in the field of foreign economic activity to ensure the security of the Russian Federation.”

“The head of state instructed to determine in two days the lists of states where the import of certain products and raw materials will be prohibited,” the report continues.

“He also instructed to ensure a ban on the export of products and raw materials from Russia until December 31, the list of which will be determined by the government.”

Bloomberg cited Putin as saying the “move is part of special economic measures in response to sanctions by US and other countries.” The restrictions might reportedly exempt materials deemed for personal use.

Meanwhile the speculation begins over just what the ban will encompass…

No details yet, but Putin has responded to US ban on Russian #oil & #energy by signing a decree halting the import & export of #Russia's products & raw materials.???? May explain why Kazatomprom rallied UP +19% earlier as Russia produces over 40% of global enriched #Uranium.?? pic.twitter.com/2yO5glwnLD

— John Quakes (@quakes99) March 8, 2022

Republished from ZeroHedge.com with permission

The post Putin Hits Back Hard, Signs Decree Blocking Russian Exports After Biden’s Russian Oil Import Ban appeared first on We Are Change.

With S&P futures a one way elevator lower after a modest rip higher on Ukraine ceasefire optimism early in the session, sending spoos more than 120 points down from session highs and closing down 2.9%, below 4,200, its worst close since October 2020…

… and the Dow tumbling more than 800 points, everything was in the red, with the exception of the defensive utility sector and of course energy which is basking in the glow of a historic surge in the commodity space.

The Nasdaq tumbled 3.6% with the help of Facebook and Moderna both of which have wiped out more than 50% of their value from all time highs, and is now down more than 20% from its all time high, closing in a bear market, where it joins the Russell, which is now also down more than 20% from ATH.

Consumer discretionary stocks, with a decline of more than 3%, led the S&P 500 to a fresh session low. Companies with outsize exposure to Europe – Calvin Klein owner PVH and Ralph Lauren – were among SPX stocks with the biggest drops, while Amazon and Apple are among top decliners on a points basis. Higher energy costs and soaring food prices may crimp consumer spending in other areas, with oil posing a particular challenge. Consumer discretionary stocks are the worst performers among SPX sectors this year, shedding ~19% while the broader index falls ~11%.

While energy was the best – and only outperforming – sector, a testament to today’s dismal risk off mood is that the small-cap Russell actually outperformed both the S&P and the Nasdaq, with the latter tumbling more than 3%.

Europe was even worse, with Germany’s DAX closing down 2% – at the lowest level since November 2020 – and bringing total declines since its January record high to bear-market inducing 21%, while the broader Euro Stoxx 50 also ended 1.2% lower, and also closing more than 20% lower in a bear market.

Believe it or not, those were some of the more timid moves observed today. As Nomura noted earlier, there have been some truly historic swings across all assets, especially Energy where oil had its biggest daily swing ever, with Brent surging to near $140 before tumbling $20 after Germany said it has no plans to halt Russian energy imports, only to reverse higher again…

… to gas, with the European nat gas benchmark trading > 79% to an all-time high, before also reversing gains…

… to Industrial Metals, where Nickel exploded 82% in one day amid a wave of short squeeze in the largest dollar gain in 35 yr history of LME contract…

… and even FX, with the Swiss trading through parity with the Euro earlier, the first time since the SNB peg break in ’15…

… to Inflation, where even’s Europe’s 5y5y inflation swap soared to 8+ yr highs…

… to EU Financials, with Europe’s banks (SX7E) tumbling -34% in less than a month amid panic over Russian exposure.

Among other commodities, the type that actually matter when considering social unrest and revolutions, wheat futures closed limit up again at a record $1,425 translating into an all time high $12.94 per bushel on fear Ukraine and Russian output will be cut off.

While those keeping track of market dislocations did not find anything abnormal in today’s move in the FRA-OIS, which was roughly unchanged from Friday’s close after blowing out late last week…

… a look at the continued decline in the balance of the Fed’s Overnight Reverse Repo suggests that banks are starting to stockpile liquidity.

Even formerly invincible junk bonds cracked, and took out YTD lows, sliding to levels last seen in the aftermath of the covid crisis.

So as oil and commodities decouple from everything in the clearest signal yet that the summer of 2008 is in play (something we discussed 2 months ago in “Shades Of 2008 As Oil Decouples From Everything“) is the market finally pricing in the coming stagflationary recession? Not yet, but with the 2s10s just 24 bps now, the lowest since the covid crash, and a few days trade away from 0, we are almost there.

10Y Real rates plunged to -1.13%, a level which just a few weeks ago would have sent tech stocks soaring, only not this time because the entire move is driven by an explosion higher in 10Y breakevens, which soared 16bps today alone to 2.86%, the highest level on record as markets freak out about inflation over the next decade.

And yet, despite the beating drums of imminent recession, the Fed remains paralyzed as not only does it have to somehow contain inflation driven by a historic supply shock, over which it has no control, but it can’t cut rates as it is already at zero. As a result, the market continue to price in just under 1 rate hike in March and almost 6 rate hikes for the full year!

Finally, the VIX has continued its steady climb amid record put purchases, and hit a level of 36, the highest in over a year. This is a level where traders traditionally expect it to signal a market bottom. If that fails to happen, a quick trip to 50 is almost guaranteed.

Looking at the so-called digital gold, bitcoin tumbled along with the broader crypto sector, as the decoupling observed last week with high beta stocks has now been long forgotten, and the correlation algos continue to trade cryptos as just your garden variety tech stock.

Meanwhile, the original “old-school” gold, continues to creep ever higher in what many view as a harbinger of the next episode of monetary debasement, and after earlier rising briefly above $2,000 then sliding, gold has stabilized just below the $2k mark.

So is there any hope, even fleeting for a modest bounce? We doubt: after all, even the White House admits what is coming:

• WHITE HOUSE SAYS U.S. NEEDS TO BE PREPARED FOR LONG, DIFFICULT ROAD AHEAD

It appears the market is getting the message:

Republished from ZeroHedge.com with permission

The post Carnage Everywhere as Market “Begins to Break” appeared first on We Are Change.

And most importantly, wage increases are NOT keeping pace with the soaring cost of living (real waged growth is negative)…

It took just a few minutes for this prediction to materialize because just around the time the market opened, Biden addressed the public and confirmed that unlike the Fed, he is finally starting to freak out about soaring prices, to wit:

… on inflation, today’s report shows an increase over last month. Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me. The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen.

I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.

And just how does Biden plan on pulling this directive straight out of communist China? Will he restart the Keystone XL pipeline; or will the US fund shale producers – that could be awkward in light of Joe’s faux environment concerns. Then again, it’s just optics confirming that in a time of near-record inflation, at least Biden’s talk remains extremely cheap.

And speaking of cheap talk, the president also claimed that “other price increases reflect the ongoing struggle to restore smooth operations in the economy in the restart.” Which, we assumes is what uncontrolled inflation is called by the White House today…

Hilariously, all this is happening just as Biden is still trying to shove trillions in additional, and quite inflationary fiscal stimulus down the country’s throat which, make no mistake, will lead to even higher prices but not to the White House, which continues to claim that a plan that will require trillions in funding is actually, don’t laugh, deflationary!

I am travelling to Baltimore today to highlight how my Infrastructure Bill will bring down these costs, reduce these bottlenecks, and make goods more available and less costly.

And just in case there is any doubt that Biden is contemplating replacing Powell with Hillary Clinton fangirl and Democrat Lael Brainard, Biden said he wants to “reemphasize my commitment to the independence of the federal reserve to monitor inflation, and take steps necessary to combat it.” Translation: he wants to appoint a career democrat who will make it easier to push through the $150 trillion in QE needed over the next 30 years to pretend to fund “net zero” but is really meant to make the rich richer.

Going forward, it is important that Congress pass my Build Back Better plan, which is fully paid for and does not add to the debt, and will get more Americans working by reducing the cost of child care and elder care, and help directly lower costs for American families by providing more affordable health coverage and prescription drugs—alongside cutting taxes for 50 million Americans including for most families with children. 17 Nobel Prize winners in economics have said that my plan will “ease inflationary pressures.” And my plan does this without raising taxes on those making less than $400,000 or adding to the federal debt, by requiring the wealthiest and big corporations to start to pay their fair share in taxes.

Luckily, at least one Democrat is not a lunatic and just as Biden was delivering his prepared remarks, Democratic Senator Joe Manchin said that the “threat posed by record inflation to the American people is not ‘transitory’ and is instead getting worse.”

“From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.”

By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.

— Senator Joe Manchin (@Sen_JoeManchin) November 10, 2021

The post Biden Suddenly Starts to Freak Out About Soaring Inflation appeared first on We Are Change.

First, the now-deleted tweet…

Nevermind that in September, a Kroger executive warned in that grocery prices were about to get nasty, and the company will be “passing along higher cost to the customer where it makes sense to do so.” Or that Nestle CFO Francois-Xavier Roger said blistering inflation would likely continue into next year – telling the crowd at a Barclays consumer staples conference: “If we talk of 2022, it is likely that input cost inflation will be higher next year than this year.”

Or that Atlanta Fed President Raphael Bostic admitted last month that inflation is not transitory (and even has a swear jar collecting dollar bills for every time some gaslighter utters the word “transitory”).

Or that agricultural input costs from fertilizer to feed have gone through the roof – thanks to soaring natural gas prices of all things.

Or labor shortages throughout the supply chain – including US ports and the trucking industry – including those who refuse to take the Covid-19 vaccine.

Or just read this from Bank of America:

“Meanwhile on Main Street: cost of living rising…wages rising; food (coffee @ 7-year high, wheat @ 13-year high), energy (BofA forecast $120/bbl Brent next 6 months), shelter (US rents up 9% YoY), wages annualizing 6% past 6 months; US core CPI currently 4.0% YoY, likely to be 5-6% spring’22.”

Nope. You see, the inflation we’re seeing today is a good thing, according to MSNBC’s James Surowiecki, whose financial background is a Ph.D. in American history and being a writer at The Motley Fool and The New Yorker.

Their rationale: people spent less and saved more during the pandemic (more disposable income), and the stock market (which most American’s still don’t participate in) went apeshit.

Even though millions of Americans lost their jobs, enhanced unemployment benefits and stimulus payments left many of them better off, not worse. And the stock market, after initially falling, boomed.

Which of course is just propaganda, because as Morgan Stanley explained so simply even MSNBC columnists could understand, the “bottom 80%” of the population retained just a third of the $2 trillion in so-called excess savings. And without jobs, most have already burned through whatever money they had saved up. In other words, the bulk of government handouts ended up – you guessed it – in the hands of the ultra rich who never needed it!

Facts be damned, MSNBC’s propaganda continued: “American consumers are, relatively speaking, flush, and it’s that strong demand for goods and services that is sending prices higher.”

BUT (and totally couldn’t be the primary reason, could it?), “it’s taking manufacturers and food producers time to increase supply after cutting back production during the pandemic,” and as a result, “When you have high demand, and relatively low supply, prices go up.”

“The inflation we’re seeing is not, then, some mysterious affliction that’s descended on the economy. It’s the predictable product of the economy’s rapid recovery, and its costs have been offset, to a large degree, by robust wage growth and government policies.”

Except, when adjusted for inflation, real weekly earnings are negative.

We've come full circle on inflation pic.twitter.com/0qwqP1XDxA

— Greg Price (@greg_price11) November 8, 2021

Meanwhile, even the notorious optimistic Wall Street is starting to tell the truth, with Goldman warning that things are going to get a lot worse before they get better.

Not surprisingly, after getting ratio’ed in a furious backlash, MSNBC did the only thing it could and deleted its tweet, as its latest attempt at mass gaslighting propaganda went terribly wrong.

Republished from ZeroHedge.com with permission

The post MSNBC Goes Full Clown: Gaslights That Inflation is a “Good Thing”, Deletes Tweet After Angry Backlash appeared first on We Are Change.

Bitcoin 2021 saw more than 12,000 attendees descend upon Miami and organizers expect Bitcoin 2022 to play host to more than 30,000 Bitcoiners from around the world and millions more who will tune in to the multi-language live stream.

The four-day event will feature an industry day, two general conference days and a one-day “Sound Money Fest” music festival. It will unite founders, C-suite executives, bitcoin experts and newcomers in Miami for panels and discussions, networking events, live performances, entertainment and giveaways. 

Bitcoin 2022 Industry Day on April 6 will be where the Bitcoin ecosystem converges with legacy finance, fintech and energy infrastructure, including content tracks and targeted networking tracks for institutional finance, institutional bitcoin mining and Bitcoin technical development. Industry Day will host more than 6,000 global industry leaders, 80 speakers, 4,000 companies, and a pitch day serving as a platform for the next generation of Bitcoin startups.

Tickets are now on sale, with three tiers of access announced: General Admission (April 7-9), Industry Pass (April 6-9) and Whale Pass (April 6-9).

The Whale Pass is the event’s most exclusive ticket, granting VIP access across all four days of the conference and including premium food and beverage, exclusive networking opportunities and matchmaking, dedicated transportation and concierge services, front-row seating and access to Whale Night parties. Whale Passes for Bitcoin 2021 sold out after topping out at $21,000 per ticket.

Organizers are also offering gratis and subsidized tickets to open-source Bitcoin contributors and students. More details coming soon.

“At Bitcoin 2021, we booed, we cheered, we laughed and we cried,” said BTC Media CEO and event organizer David Bailey. “The conference ran the emotional gamut, and our 2022 pilgrimage will do the same. This conference is going to capture the world’s attention. Let’s show them what freedom, sovereignty and prosperity really mean. Get your tickets today, and we’ll see you in Miami.” 

If you are interested in partnering, speaking, volunteering or would like to discuss other ways to be involved in the event, contact the team.

Link to purchase tickets: https://b.tc/conference/registration

The post BITCOIN 2022 SET TO BE LARGEST BITCOIN CONFERENCE EVER appeared first on We Are Change.

… it makes sense that home prices are also surging thanks to trillions in stimmy checks, near-record low mortgage rates and an exodus away from cities, and as we noted two last month that’s precisely what they are doing, with Redfin reporting an 18% jump in median home sale prices to an all time high…

… as a record 58% of all houses sell within two weeks of listing, of which 45% sell for more than their listing price, also a record.

Today’s Case Shiller data confirmed this unprecedented surge, with the National Home Price Index rising 14.6% YoY in April – the fastest pace of home price inflation on record…

… with all of the major US MSA reporting double-digit or higher annual price increases.

Amid this dismal “transitorily hyperinflationary” landscape, where those whose incomes aren’t similarly hyperinflating find themselves at risk of being unable to afford a roof above their head, there was one ray of hope: renting, with rent prices tumbling in recent months and according to the BLS’ monthly CPI metric, rent inflation had just dropped to the lowest in a decade, just below 2.0% annually even as overall shelter inflation rebounded sharply in recent months…

… which due to the way the CPI basket is weighted, has acted as a key drag on overall CPI rates, and helped to distort the broader inflationary picture (after all the last thing the government wants is to be caught in a 1970s’ style hyperinflation). In short, the Fed would look at the relatively tame core CPI which was only tame thanks to “tumbling” rents and would conclude that there is nothing to worry about.

Only, as we first discussed three weeks ago, it now appears that not only was the government misrepresenting the actual data in hopes of extracting as much stimulus from the Biden regime by pretending inflation is low and “contained”, but that rents are in fact soaring once again.

As we reported at the start of May, American Homes 4 Rent, which owns 54,000 houses, increased rents 11% on vacant properties in April, the company reported in a statement:

… Continued to experience record demand with a Same-Home portfolio Average Occupied Days Percentage of 97.3% in the first quarter of 2021, while achieving 10.0% rental rate growth on new leases, which accelerated further in April to an Average Occupied Days Percentage in the high 97% range while achieving over 11% rental rate growth on new leases.

Invitation Homes, the largest landlord in the industry, also boosted rents by similar amount, an executive said on a recent conference call. Or, as Bloomberg puts it, record occupancy rates are emboldening single-family landlords to hike rents aggressively, testing the limits of booming demand for suburban rentals.

While soaring housing costs had put homeownership out of reach for most Americans, rents had been relatively tame for much of 2020. But in recent months, rents have also soared as vaccines fuel optimism about a rebound from the pandemic, and a reversal in the city-to-suburbs exodus.  The increases, as Bloomberg so eloquently puts it, “may add to concerns about inflation pressures.”

“Companies are trying to figure out how hard they can push before they start losing people,” said Jeffrey Langbaum, an analyst at Bloomberg Intelligence. “And they seem to be of the opinion they can push as far as they want.”

Then, one month ago, we looked at the Appartment List data and to our horror, we learned that rents across the US had soared at the fastest pace on record, confirming that we are about to face a surge in rental prices which will push both core CPI and PCE levels far higher.

Fast forward to today when we got the latest confirmation that rents are exploding.

According to the July Apartment List National Rent Report, the national rent index increased by 2.3% from May to June, matching the largest single month increase ever recorded in AL estimates, which begin in January 2017.  It was also the fourth straight month in which that record has been broken, following a 2.3% increase in May, a 2.0% increase in April and a 1.4% increase in March. These are all sequential – not annual – increases!

According to the report, so far in 2021, rental prices have grown a staggering 9.2%. To put that in context, in previous years growth from January to June is usually just 2 to 3 percent. After this month’s spike, rents have been pushed well above the report authors’ expectations of where they would have been had the pandemic not disrupted the market.

That said, the data continue to exhibit significant regional variation, and there are still a number of markets where rents remain below pre-pandemic levels. But even in these markets, the trend has turned a corner. Rents in San Francisco, for example, are still 14% lower than they were in March 2020, but the city has seen prices increase by 17% since January of this year. At the other end of the spectrum, many of the mid-sized markets that have seen rents grow rapidly through the pandemic are showing that there’s still steam left in the current boom — Spokane, WA saw the nation’s fastest monthly rent growth in June (8.1 percent), and now prices there are up 31% since the start of the pandemic.

Many individual cities have also seen “pandemic pricing” come and go. This month, rents caught up with pre-pandemic expectations in a handful of major markets including Austin and San Diego. Meanwhile, prices remain below the pre-pandemic trend in some of the hardest-hit markets, like New York and San Francisco. Here, the lasting effects of the pandemic mean renters can still find apartments at discounted prices.

That said, in the markets where rents remain below pre-pandemic levels, prices are rebounding quickly. San Francisco consistently made headlines throughout the pandemic for the staggering 26.6% drop in rents from March 2020 through January 2021, but since January, San Francisco rents have increased by over 17%. Similarly, sharp rebounds have been observed in Seattle (+19% since January) and New York (+16%). The chart below shows these rent drops and rent rebounds, in the 10 cities with the largest gap between March 2020 and June 2021 prices.

These COVID-era price fluctuations — down quickly at the start of the pandemic, up quickly since the start of 2021 — are significantly more volatile than the seasonal price fluctuations we are used to seeing in pricey rental markets. The chart below shows month-over-month price changes from 2018 to the current month. Monthly changes of +/- 2 percent are relatively rare under normal circumstances, but in 2020 and 2021 we have extended stretches where prices rise and fall at more than twice that rate. In Boston, monthly rent growth swung from -5 percent in November 2020 to +5 percent just six months later in May 2021.

Meanwhile, as expensive coastal cities watched rents plummet throughout 2020, another group of mid-sized markets were heating up. The pandemic and remote work spurred demand for the space and affordability that these cities offered, and in response, rent prices grew even as the surrounding economy struggled. Even while rent declines in expensive markets have reversed course, the cities where rents have been growing fastest are continuing to boom.

Leading the trend is Boise, ID, where rents grew another 6 percent in June and are now up 39 percent since the start of the pandemic. But the fastest single-month rent growth took place in Spokane, WA, where prices shot up 8.1 percent in June and sit 31 percent above pre-pandemic levels. After that, a handful of fast-growing cities have experienced roughly 20 percent price appreciation over the last year and a half. With the exception of Virginia Beach, VA, all of them are located in the Western United States, absorbing the rental demand overflowing from nearby, pricey metros like the San Francisco Bay Area and Greater Los Angeles.

The pandemic did not start a new trend in these markets, so much as accelerate an existing one. For example, from 2017 through 2019, rents in Mesa, AZ increased 25.5 percent, the fastest growth in the nation over that period. Similarly, Fresno, CA ranked third for fastest rent growth, while Chandler, AZ ranked sixth. This stands in contrast to what has happened in the expensive markets discussed above, for which the rent declines of the past year were a complete aberration. Given this longer-term context, as well as the continued upward trajectory in rent trends, it seems that Boise and cities like it have yet to hit their peaks.

Obviously, affordability has been a key determinant of whether cities are experiencing falling or rising rents during the pandemic. The relationship is made more explicit in the chart below, which plots rent levels against rent changes for the 50 largest cities in our data. There is a clear correlation between the two; the cities that had the highest pre-pandemic rents in March 2020 (moving right along the x-axis) have seen the steepest rent drops since then (moving down along the y-axis).

Meanwhile, more affordable cities have tended to see prices climb. This has led to a degree of convergence in rent prices across the country — the most expensive markets have gotten somewhat more affordable, while the most affordable markets have grown pricier. For example, last March, the median 2-bedroom rent in San Francisco was $3,146, which was 3.4x the $929 median for a 2-bedroom in Boise. As of this month, the 2-bedroom median in San Francisco has dropped to $2,695, while in Boise it has grown to $1,303, meaning that rents in San Francisco are now just 2.1x those in Boise. While still a significant price difference, the affordability gap has narrowed substantially, and even as rents in San Francisco have rebounded in recent months, Boise has continued to grow even faster.

Conclusion

Although the pandemic created some softness in the rental market last year, 2021 brought the fastest rent growth we have on record, and it is only a matter of time before rent inflation measured by the government catches up to the staggering prints observed by Apartment List. What is striking, is that in many individual cities across the country, rents have now surpassed the level where they would have been if rent growth had not been disrupted by the pandemic. And in markets like San Francisco and New York where “pandemic pricing” is still in effect, prices have turned a corner and are now rebounding. At the same time, booming markets like Boise continue to see prices climb. More broadly, rental inventory across the nation remains tight, and as vaccine distribution continues to gain momentum, we may be seeing the release of pent up demand from renters who had been delaying moves due to the pandemic. Whereas last year’s peak moving season was halted by the pandemic, this year’s seasonal spike appears to be making up for lost time.

Summary: surging rents – the “missing link” from both the CPI and PCE baskets – are back with a vengeance, and the result is that no matter which official inflation metric one uses, we are about to see some truly epic inflation numbers in the coming weeks.

Republished from ZeroHedge.com with permission

The post And Now Prices Are Really Soaring: June Rent Jump is Biggest on Record appeared first on We Are Change.