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Comment by incomingpain | Hacker News Reader

Not a huge increase. Inflation is under control in the sense it's not rising, but they need to still pull a ton of money out of the economy; or let it ride.

Powell's speech doesn't matter at all until we see the results of midterms.

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The way I see it, it is still rising. But that was hidden by the fact that oil & gas prices dropped during the last period which was largely due to dipping into strategic reserves pretty heavily. Unfortunately I don't think oil & gas will continue to drop, or even stay even going forward. Especially with the middle east cutting production.

Oil dropped in the US because the current administration is depleting the strategic reserve. It's almost gone but the current administration doesn't care. The current administration punched down Trump attempting to top off the reserve for $24/barrel. Once the reserve runs out we'll be at 5.50 a gallon again but midterms will be over and I'm sure the other party will get the blame.

There is also a Diesel shortage that's going to have some impact on next quarters GDP: https://oilprice.com/Energy/Energy-General/The-US-Diesel-Sho...

> Oil dropped in the US because the current administration is depleting the strategic reserve. It's almost gone but the current administration doesn't care.

This is not exactly true, there are still hundreds of millions of barrels in the reserve, well over 50% of its alleged capacity.

While it is true that stock has been dropping more quickly in the past year, the reserve has been slowly depleting since February of 2017.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...

It's not gone but -35% YoY certainly doesn't look good. Especially when it's the 'better' medium-sore oil that is getting depleted faster:

https://ycharts.com/indicators/us_ending_stocks_of_crude_oil...

https://www.washingtonpost.com/business/energy/the-us-is-dep...

The whole point of the SPR is to deal with supply shocks. I know, it's weird to see an administration doing something that's actually popular while using the exact legal mechanism for achieving that popular thing. Frankly, I'm surprised too. Furthermore, the SPR was already at 90% of its all-time high when the previous administration proposed to top it off; enough perhaps to make a marginal difference, but not nearly enough to change the outcome of a drawn-out crisis.

well good news for you then, a year from now they’ll just say inflation rose 2% from November 2022

despite still being 10% above November 2021

and your people will say “we did it guys!”

Oh I assure you this is quite likely to occur. Deflation is certain to not occur; this inflation is locked in.

Im not sure who you think 'my people' are... my people aren't in power and wont be for years. Remember, not all people live in the USA.

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