BaylorSpineGuy said:
Rosengren and Kaplan, Fed Presidents in Boston and Dallas respectively, step down today in wake of their trading disclosures in recent weeks. And now this…..
https://www.cnbc.com/2021/09/27/fed-chair-powell-to-warn-congress-that-inflation-pressures-could-last-longer-than-expected.html
Transitory my @$$. My family is paying $60/wk more for groceries and getting less. Hard to be bullish with all this floating around. First, there was no inflation, then it was transitory, then they told us last week it had some good aspects to it, and now it may be here to stay a while.
Anyone hear about the port of LA? Ships stuck in bay cause they can't get them unloaded. Any real explanation for this? People won't work even though we have effectively raised rates to a de facto $15/hr.
Things feel a bit ominous.
The latest shipping headache has more than 60 ships sitting idle off of the coast of Southern California,
reports the Wall Street Journal. Wait times For unloading are stretching as long as three weeks.
Part of the problem is that while Southern California's ports are responsible for more than a quarter of America's imports, they don't operate 24/7. It's normal for ports around the world to operate round-the-clock but Long Beach and Los Angeles shutter for hours throughout the work week and close entirely on Sundays.
There is a storage issue, too. According to the Wall Street Journal report, about 98 percent of the warehouses in Southern California are filled to the brim. Executive director of the larger Port of Los Angeles, Gene Seroka, says that there is at minimum 25 percent less storage space than needed. Some shippers are using containers at port as storage units, adding to the congestion.
https://jalopnik.com/a-record-number-of-cargo-ships-are-stuck-outside-of-cal-1847751523
