AUGUST: Inflation is Up – Yet Again

Posted on September 13, 2023 by Dr. David Edward Marcinko MBA

It’s All About the [GAS] Pump!

By Staff Reporters

Inflation rose by an annual rate of 3.7% in August amid higher gasoline prices, marking the second consecutive month of rising costs. 

The Consumer Price Index, which tracks a basket of goods and services typically purchased by consumers, increased 0.6% from July, the Labor Department said Thursday. On an annual basis, the increase was higher than economists’ forecast of 3.6%, according to FactSet. 

Yet the so-called core CPI, which excludes volatile fuel and food costs, rose 4.3% from a year ago, matching the forecast from economists surveyed by FactSet.

By comparison, the core CPI had increased 7.3% in the past year, signaling that prices have cooled over that time.

Elderly CPI: https://medicalexecutivepost.com/2023/02/19/what-is-the-elderly-cpi/

MAY CPI: https://medicalexecutivepost.com/2023/06/14/cpi-report-may-round-up-2023/

Gas TAX: https://www.msn.com/en-us/money/markets/kemp-suspends-georgia-gas-tax-declares-state-of-emergency/ar-AA1gBR6i?ocid=U521DHP&pc=U521&cvid=e3a3f5f1dca44f8eb173cbee39340249&ei=57

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DAILY UPDATE: Rothification and the Markets

Posted on September 13, 2023 by Dr. David Edward Marcinko MBA

By Staff Reporters

REMINDER

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Starting in 2026, high-income earners over the age of 50 who make more than $145,000 can no longer make catch-up contributions to regular 401(k)s. Instead, those catch-ups will head to Roth accounts. That carries significant tax implications.

MORE: https://taxfoundation.org/blog/what-rothification-means-for-tax-reform/

CITE: https://www.r2library.com/Resource

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Here is where the major benchmarks ended yesterday:

  • The S&P 500® Index (SPX) was down 25.56 points (0.6%) at 4,461.90; the Dow Jones Industrial Average (DJIA) was down 17.73 points at 34,645.99; the NASDAQ Composite was down 144.28 points (1.0%) at 13,773.61.
  • The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.272%.
  • CBOE’s Volatility Index (VIX) was up 0.42 at 14.22.

While tech was the weakest performing sector Tuesday, consumer discretionary and communication services shares were also lower. Energy shares led sector gainers Tuesday as oil prices continued to rise.

The Philadelphia Oil Service Index (OSX) gained more than 2% and ended at its highest level since April 2019. WTI crude futures, the U.S. benchmark, extended gains to near $90 a barrel after OPEC, in a report, slightly increased its forecasts for global consumption in 2023 and 2024.

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