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The latest data from Manheim shows how the Bureau of Labor Statistics' September print for used cars and trucks index is about to soar.
The Manheim U.S. Used Vehicle Value Index increased 8.3% in the first 15 days of October compared to September. From a year ago, the index is up a whopping 37%.
there is also trouble for aluminum, used in engine blocks, transmission cases, frames, paneling, and much more, could be in short supply in the months ahead. So for the next CPI print, expect used car prices to be hot.
Federal Reserve Gov. Randal Quarles on Wednesday warned that additional government spending being contemplated could lead to “transitory” inflation continuing for too long.
The Labor Department reported that the consumer price index, a key inflation gauge that measures how much Americans pay for goods and services, rose about 0.4 percent in September. The year-over-year prices increased 5.4 percent, which some noted is the largest yearly increase since January 1991.
Quarles acknowledged that inflation is currently running at more than twice the Federal Open Market Committee’s (FOMC’s) longer-run goal, yet he said he was, “not quite ready to conclude that this ‘transitory’ period is already ‘too long.'”
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