{"id":35993,"date":"2022-10-05T20:17:33","date_gmt":"2022-10-05T20:17:33","guid":{"rendered":"http:\/\/www.brandon.ddtest.info\/multisite-test\/feds-inflation-nowcasting-data-shows-future-cpi-increases-us-gross-national-debt-hits-31-trillion-economics-bitcoin-news\/"},"modified":"2022-10-05T20:17:33","modified_gmt":"2022-10-05T20:17:33","slug":"feds-inflation-nowcasting-data-shows-future-cpi-increases-us-gross-national-debt-hits-31-trillion-economics-bitcoin-news","status":"publish","type":"post","link":"http:\/\/www.brandon.ddtest.info\/multisite-test\/feds-inflation-nowcasting-data-shows-future-cpi-increases-us-gross-national-debt-hits-31-trillion-economics-bitcoin-news\/","title":{"rendered":"Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion \u2013 Economics Bitcoin News"},"content":{"rendered":"

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A recently published forecast stemming from the Federal Reserve Bank of Cleveland\u2019s Inflation Nowcasting data indicates upcoming U.S. consumer price index (CPI) metrics will likely be elevated. The newly predicted CPI levels were recorded the same day America\u2019s gross national debt surpassed $31 trillion on October 4, as the country\u2019s growing debt continues to rise rapidly.<\/strong><\/p>\n

Fed\u2019s Nowcasting Report Shows Inflation May Not Have Peaked, Data Predicts September and October Core CPI to Jump 0.5%<\/h2>\n

The U.S. central bank may not be too keen on slowing down rate hikes if inflation continues to run rampant despite the flak<\/a> the Federal Reserve has received for aggressively raising the benchmark lending rate. Data from the most recent Inflation Nowcasting report indicates that the CPI readings for September and October will be higher than expected. Nowcasting in economics is like the weatherman\u2019s forecasting the weather as the economic indicator utilizes three points in time (present, very near future, very near past) to predict future outcomes.<\/p>\n

The Cleveland-based U.S. Federal Reserve System\u2019s Fourth District branch uses nowcasting to predict the inflation rate increases in the future, and the most recent update<\/a> is not pleasant. The report estimates a 0.3% month-on-month increase for September and an increase of 0.7% in October. The Cleveland Fed\u2019s Inflation Nowcasting report also shows core CPI will increase by 0.5% for both months. Of course, the Inflation Nowcasting report is merely a prediction and like the local weatherman, nowcasting can be right most of the time and the indicator can also be wrong some of the time.<\/p>\n

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The Cleveland Fed\u2019s Inflation Nowcasting report updated on October 4, 2022.<\/figcaption><\/figure>\n

Americans won\u2019t hear about September\u2019s CPI report from the U.S. Bureau of Labor Statistics until October 13. While the Fed\u2019s target is 2%, the report for August\u2019s inflation rate had shown the CPI was still running hot at 8.3%<\/a>. Alternative inflation rate statistics<\/a> published on September 13 by shadowstats.com indicate CPI is above 10%. The Truflation dashboard<\/a> shows CPI data for October 3, 2022, year-over-year, is 8.67%. While shadowstats.com data shows all-time highs, the Truflation stats show inflation may have peaked at 11.93% on March 11, 2022.<\/p>\n

U.S. bureaucrats and the country\u2019s central bankers have blamed the nation\u2019s skyrocketing inflation on things like the Covid-19 pandemic, supply chain shocks, and the ongoing Ukraine-Russia war. A number of economists blame the U.S. government\u2019s and the Fed\u2019s stimulus and spending following the onset of the pandemic. While the Federal Reserve increased the monetary supply during the last few years like no other time in history, the U.S. government has dedicated trillions<\/a> of dollars toward infrastructure packages<\/a> and foreign aid<\/a>. Moreover, on Tuesday, October 4, 2022, U.S. gross national debt surpassed $31 trillion.<\/p>\n

The New York Times (NYT) reported<\/a> that the National Debt topping the threshold was disclosed in a U.S. Treasury Department report. The NYT report quotes Michael A. Peterson, the chief executive officer of the Peter G. Peterson Foundation, when he said that higher interest rates could increase government spending. According to the Peterson Foundation\u2019s estimates, higher rates could lead to an extra trillion on top of what the U.S. government will spend on interest payments in ten years.<\/p>\n

\u201cSo many of the concerns we\u2019ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,\u201d Peterson said. \u201cToo many people were complacent about our debt path in part because rates were so low.\u201d<\/p>\n

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$31 Trillion<\/a>, billions<\/a>, Cleveland<\/a>, Cleveland Fed<\/a>, consumer price index<\/a>, Covid-19 pandemic.<\/a>, CPI Data<\/a>, economics<\/a>, Fed<\/a>, Federal Reserve<\/a>, gross national debt<\/a>, higher rates<\/a>, inflation<\/a>, inflation rate<\/a>, Inflationary pressure<\/a>, interest rates<\/a>, Michael A. Peterson<\/a>, National Debt<\/a>, Peter G. Peterson Foundation<\/a>, report<\/a>, spending<\/a>, supply chain shocks<\/a>, trillions<\/a>, U.S. Government<\/a>, U.S. Treasury Department<\/a>, Ukraine-Russia war<\/a>, US National Debt<\/a><\/div>\n<\/div>\n

What do you think about the Cleveland Fed\u2019s Inflation Nowcasting report and the national debt skyrocketing past $31 trillion on October 4? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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