January 1, Inflation Continues To Surge At Near-Record Pace

Greetings Americans,

Doesn’t it seem like everything is more expensive? Inflation has climbed to a 13 year high. The annual cost of living increase is slated for 5%, which effortlessly outpaces the annual pay raise of the average American. Economists theorize that the sharp increase in inflation will drop off in June, but of course there are no guarantees.

The US has set it sights on China. On Wednesday, Defense Secretary Lloyd Austin gave orders to the Pentagon to focus on China and its military buildup. A senior Defense official, who spoke to CNBC on condition of anonymity, explained it as such, “This directive from the Secretary is ultimately about getting the Department’s house in order and ensuring that the department lives up to the stated prioritization of China as the number one pacing challenge.”

It was revealed on Wednesday that the US will buy 500 million doses of the Pfizer vaccine to distribute globally. The dose donations will be distributed via the COVAX alliance to 92 lower income countries and the African Union over the next year.

In other vaccine-related news, the state of Washington is offering a unique incentive for adults who get their shot: marijuana joints. The incentive program entitled “Joints for Jabs” allows state-licensed dispensaries to give qualifying customers one pre-rolled joint at an in-store vaccination clinic. In order to qualify, you must be at least 21 years old and have to have received their first or second dose during that visit.

Pepperoni, sausage, or razor blades? Nicholas Mitchell was arrested last October after a customer at Hannaford’s Supermarket in Maine reported finding razor blades hidden inside of a prepackaged Portland Pie pizza dough. Mitchell will reportedly plead guilty to one count of tampering with a consumer product, which will likely carry a sentence of up to four years and nine months in prison.

Lastly, the DOW Jones Industrial Average fell more than 100 points on Wednesday, marking its third consecutive negative day. Oanda senior market analyst Edward Moya, had this to say: “US stocks have largely been stuck in a range since mid-April and don’t seem likely to be breaking out anytime soon.”

Be well,

Fraser Dixon

Sources

• Inflation is still surging, CPI will likely show. Any relief for consumers in sight?
• Pentagon makes China its top policy priority with several new classified programs
• AP source: US to buy 500M Pfizer vaccines to share globally
• Hey Washingtonians! Get A Vaccine. Smoke A Joint.
• Man suspected of sticking razor blades in pizza dough expected to plead guilty
• Dow ends session 150 points lower for its third straight day of losses