{"id":60764,"date":"2022-04-12T08:56:49","date_gmt":"2022-04-12T12:56:49","guid":{"rendered":"https:\/\/www.t3live.com\/blog\/?p=60764"},"modified":"2022-04-12T08:57:58","modified_gmt":"2022-04-12T12:57:58","slug":"coffee-with-greta-inflation-skyrockets-in-march","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/04\/12\/coffee-with-greta-inflation-skyrockets-in-march\/","title":{"rendered":"Coffee With Greta: Inflation Skyrockets in March"},"content":{"rendered":"

Editor's Note:<\/strong> Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here<\/span><\/a><\/strong>.<\/p>\n

********<\/p>\n

DJIA Futures: <\/b>+133 (+0.4%)<\/span><\/p>\n

SPX Futures: <\/b>+31 (+0.7%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+196 (+1.4%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are higher as the latest CPI data shows inflation may be peaking.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Red HOT Inflation<\/strong><\/h2>\n

U.S. inflation pressures skyrocketed in March.<\/span><\/p>\n

The Bureau of Labor Statistics' Consumer Price Index surged 8.5% year-over-year last month.\u00a0<\/span><\/p>\n

That was hotter than the 8.4% expected and is the highest since December 1981.<\/span><\/p>\n

The Core CPI, which excludes food and energy prices, jumped 6.5% annually.\u00a0<\/span><\/p>\n

That was the hottest reading since August 1982.\u00a0<\/span><\/p>\n

On a monthly basis, headline inflation rose 1.2% and core inflation rose 0.3%.\u00a0<\/span><\/p>\n

Energy prices led the gains last month as oil and gas prices soared due to Russia\u2019s invasion of Ukraine.\u00a0<\/span><\/p>\n

The CPI shows gas prices jumped 48% year-over-year while fuel oil prices surged 70.1%.<\/span><\/p>\n

Food prices continued to see strong gains with grocery prices up 10% year-over-year.<\/span><\/p>\n

The White House blamed Russian President Vladimir Putin for the latest spike in inflation.\u00a0<\/span><\/p>\n

In a briefing Monday, press secretary Jen Psaki warned, \u201cWe expect March CPI headline inflation to be extraordinarily elevated due to Putin\u2019s price hike\u201d.<\/span><\/p>\n

Consumer Inflation Fears Hit Record<\/strong><\/h2>\n

U.S. consumers are expecting inflation to remain a major problem.\u00a0<\/span><\/p>\n

The New York Fed\u2019s released its March Survey of Consumer Expectations Monday, which showed Americans expect inflation to still be at 6.6% 1-year from now.\u00a0<\/span><\/p>\n

That\u2019s a record high for the survey which dates back to 2013.\u00a0<\/span><\/p>\n

Consumers\u2019 3-year inflation expectations came in at 3.7%.\u00a0<\/span><\/p>\n

1-year and 3-year inflation uncertainty also hit a record high at 4.5% and 4.0% respectively.\u00a0<\/span><\/p>\n

Household spending expectations surged to a record 7.7%.\u00a0<\/span><\/p>\n

Treasury Yields Slip After Hot Inflation Reading<\/strong><\/h2>\n

U.S. Treasury yields are slipping after the release of the March CPI.\u00a0<\/span><\/p>\n

The 10-year yield is down seven basis points to 2.71% after popping to 2.82% earlier this morning.\u00a0<\/span><\/p>\n

That was the highest yield seen since December 2018.\u00a0<\/span><\/p>\n

Bitcoin Tumbles Below $40,000<\/strong><\/h2>\n

Bitcoin is sitting at $40,300 after falling below $40,000 Monday for the first time since March 16.\u00a0<\/span><\/p>\n

The largest cryptocurrency in the world is down 2.2% in the past 24 hours.\u00a0<\/span><\/p>\n

Tech stocks and cryptocurrencies have suffered from traders dumping risk assets as Treasury yields surge.<\/span><\/p>\n

Crypto trades independently of the stock market but there has been a higher correlation between the two in recent months with the Fed preparing to tighten more aggressively.\u00a0<\/span><\/p>\n

Oil Prices Rise After OPEC Supply Warning<\/strong><\/h2>\n

Oil prices are rebounding after a supply warning from OPEC.<\/span><\/p>\n

West Texas Intermediate crude futures are up 3.9% to $98 per barrel while Brent crude futures are up more than 4% to over $102 per barrel.\u00a0<\/span><\/p>\n

This comes after OPEC said Tuesday it expects a loss of 7 million barrels per day or Russian oil and other exports.\u00a0<\/span><\/p>\n

The group said it would be impossible to replace that supply.\u00a0<\/span><\/p>\n

CarMax Slides on Earnings Miss<\/strong><\/h2>\n

CarMax <\/b>(KMX) shares are down 4.5% ahead of the open after missing fiscal Q4 profit expectations.\u00a0<\/span><\/p>\n

The auto retailer reported earnings of $0.98 per share vs $1.27 expected.\u00a0<\/span><\/p>\n

But revenue of $7.687 billion beat the consensus estimate for $7.499 billion.\u00a0<\/span><\/p>\n

The CEO blamed\u201ddeclining consumer confidence, the omicron-fueled surge in COVID cases, vehicle affordability, and the lapping of stimulus benefits paid in the prior year period\u201d for the profit miss.<\/span><\/p>\n

CarMax plans to open 10 new stores in fiscal 2023.<\/span><\/p>\n

Albertsons Slips Despite Earnings Beat<\/strong><\/h2>\n

Albertsons <\/b>(ACI) shares are down 3% in premarket trade despite beating fiscal Q4 expectations.\u00a0<\/span><\/p>\n

The grocery chain reported earnings of $0.79 per share on $17.384 billion in revenue.\u00a0<\/span><\/p>\n

That topped analysts\u2019 expectations for EPS of $0.75 on $16.773 billion in revenue.\u00a0<\/span><\/p>\n

Identical sales jumped 7.5% year-over-year, crushing expectations for 4.3%.\u00a0<\/span><\/p>\n

Albertsons forecast fiscal 2022 identical sales growth between 2% and 3% and adjusted EPS between $2.70 and $2.85.\u00a0<\/span><\/p>\n

That was better than the consensus estimate for 1.8% growth and EPS of $2.79.<\/span><\/p>\n

Beyond Meat Expands Distribution<\/strong><\/span><\/h2>\n

Beyond Meat <\/b>(BYND) shares are rising 4.1% ahead of the open after announcing it is expanding its meatless chicken tenders distribution.\u00a0<\/span><\/p>\n

The company\u2019s tenders will now be available at 8,000 new grocery, pharmacy, and big-box retail locations.\u00a0<\/span><\/p>\n

Those include select Albertsons, Sprouts, Whole Foods Market, and CVS locations.\u00a0<\/span><\/p>\n

All Kroger locations in the U.S. will carry the meatless chicken tenders by the end of the month.<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • Elon Musk decided not to join <\/span>Twitter\u2019s <\/b>(TWTR) board of directors after becoming the company\u2019s largest shareholder. Twitter CEO Parag Agrawal announced that decision in a tweet over the weekend. But he said, \u201cElon is our biggest shareholder and we will remain open to his input.\u201d Musk holds a 9.4% stake in the social media giant.<\/span><\/li>\n
  • Shopify <\/b>(SHOP) shares closed 2.4% higher Monday after announcing plans for a 10:1 stock split. The e-commerce company plans to implement that split after the market closes on June 28. The plan still needs approval from two-thirds of shareholders.<\/span><\/li>\n<\/ul>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Editor’s Note: Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here. ******** DJIA Futures: +133 (+0.4%) SPX Futures: +31 (+0.7%) NASDAQ Futures: +196 (+1.4%) Good morning friends! Futures are higher as the latest CPI data shows inflation may be peaking. Let\u2019s get right to it! Red HOT Inflation U.S. inflation pressures skyrocketed in March. The Bureau of Labor Statistics’ Consumer Price Index surged 8.5% year-over-year last month.\u00a0 That was hotter than the 8.4% expected and is the highest since December 1981. The Core CPI, which excludes food and energy prices, jumped 6.5% annually.\u00a0 That was the hottest reading since August 1982.\u00a0 On a monthly basis, headline inflation rose 1.2% and core inflation rose 0.3%.\u00a0 Energy prices led the gains last month as oil and gas prices soared due to Russia\u2019s invasion of Ukraine.\u00a0 The CPI shows gas prices jumped 48% year-over-year while fuel oil prices surged 70.1%. Food prices continued to see strong gains with grocery prices up 10% year-over-year. The White House blamed Russian President Vladimir Putin for the latest spike in inflation.\u00a0 In a briefing Monday, press secretary Jen Psaki warned, \u201cWe expect March CPI headline inflation to be extraordinarily elevated due to Putin\u2019s price hike\u201d. Consumer Inflation Fears Hit Record U.S. consumers are expecting inflation to remain a major problem.\u00a0 The New York Fed\u2019s released its March Survey of Consumer Expectations Monday, which showed Americans expect inflation to still be at 6.6% 1-year from now.\u00a0 That\u2019s a record high for the survey which dates back to 2013.\u00a0 Consumers\u2019 3-year inflation expectations came in at 3.7%.\u00a0 1-year and 3-year inflation uncertainty also hit a record high at 4.5% and 4.0% respectively.\u00a0 Household spending expectations surged to a record 7.7%.\u00a0 Treasury Yields Slip After Hot Inflation Reading U.S. Treasury yields are slipping after the release of the March CPI.\u00a0 The 10-year yield is down seven basis points to 2.71% after popping to 2.82% earlier this morning.\u00a0 That was the highest yield seen since December 2018.\u00a0 Bitcoin Tumbles Below $40,000 Bitcoin is sitting at $40,300 after falling below $40,000 Monday for the first time since March 16.\u00a0 The largest cryptocurrency in the world is down 2.2% in the past 24 hours.\u00a0 Tech stocks and cryptocurrencies have suffered from traders dumping risk assets as Treasury yields surge. Crypto trades independently of the stock market but there has been a higher correlation between the two in recent months with the Fed preparing to tighten more aggressively.\u00a0 Oil Prices Rise After OPEC Supply Warning Oil prices are rebounding after a supply warning from OPEC. West Texas Intermediate crude futures are up 3.9% to $98 per barrel while Brent crude futures are up more than 4% to over $102 per barrel.\u00a0 This comes after OPEC said Tuesday it expects a loss of 7 million barrels per day or Russian oil and other exports.\u00a0 The group said it would be impossible to replace that supply.\u00a0 CarMax Slides on Earnings Miss CarMax (KMX) shares are down 4.5% ahead of the open after missing fiscal Q4 profit expectations.\u00a0 The auto retailer reported earnings of $0.98 per share vs $1.27 expected.\u00a0 But revenue of $7.687 billion beat the consensus estimate for $7.499 billion.\u00a0 The CEO blamed\u201ddeclining consumer confidence, the omicron-fueled surge in COVID cases, vehicle affordability, and the lapping of stimulus benefits paid in the prior year period\u201d for the profit miss. CarMax plans to open 10 new stores in fiscal 2023. Albertsons Slips Despite Earnings Beat Albertsons (ACI) shares are down 3% in premarket trade despite beating fiscal Q4 expectations.\u00a0 The grocery chain reported earnings of $0.79 per share on $17.384 billion in revenue.\u00a0 That topped analysts\u2019 expectations for EPS of $0.75 on $16.773 billion in revenue.\u00a0 Identical sales jumped 7.5% year-over-year, crushing expectations for 4.3%.\u00a0 Albertsons forecast fiscal 2022 identical sales growth between 2% and 3% and adjusted EPS between $2.70 and $2.85.\u00a0 That was better than the consensus estimate for 1.8% growth and EPS of $2.79. Beyond Meat Expands Distribution Beyond Meat (BYND) shares are rising 4.1% ahead of the open after announcing it is expanding its meatless chicken tenders distribution.\u00a0 The company\u2019s tenders will now be available at 8,000 new grocery, pharmacy, and big-box retail locations.\u00a0 Those include select Albertsons, Sprouts, Whole Foods Market, and CVS locations.\u00a0 All Kroger locations in the U.S. will carry the meatless chicken tenders by the end of the month. In Case You Missed It Elon Musk decided not to join Twitter\u2019s (TWTR) board of directors after becoming the company\u2019s largest shareholder. Twitter CEO Parag Agrawal announced that decision in a tweet over the weekend. But he said, \u201cElon is our biggest shareholder and we will remain open to his input.\u201d Musk holds a 9.4% stake in the social media giant. Shopify (SHOP) shares closed 2.4% higher Monday after announcing plans for a 10:1 stock split. The e-commerce company plans to implement that split after the market closes on June 28. The plan still needs approval from two-thirds of shareholders.  <\/p>\n","protected":false},"author":41,"featured_media":60766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-60764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=60764"}],"version-history":[{"count":5,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60764\/revisions"}],"predecessor-version":[{"id":60770,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/60764\/revisions\/60770"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/60766"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=60764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=60764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=60764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}