li on the difference in 24 hours. susan? a new reality that inflation is higher and may stay elevated for some time. today s wholesale prices are the inflation that producers pay still much higher than a year ago. sure, coming down from the previous month. couple that with yesterday s consumer price jump and we re close to the 40-year highs and that s more than four times the way the federal reserves thinks is healthy for the economy. close to a third predicting a full 1 percentage point rate hike from the central bank. that could be the biggest central increase since 1984 when paul volcker was fed chair. before yesterday s report, that probability was at zero. elon musk weighing in. he thinks the federal reserve should cut interest rates because of the drop in lumber, cop per and oil. nobody is expecting a cut in rates until next year. stock market didn t recover much from yesterday s sell off. you have more job cuts by big technology companies. that s why some are calling
at the highest levels of inflation in 40 years and prices are soaring, especially at the gas pump which just set another record high this morning at $4.40 a gallon. the markets already reacting. yesterday the dow tumbled for the fourth straight day as investors began to sour on the u.s. economic outlook. some on wall street warning of a recession because of inflation possibly as soon as next year, mika. that s one reason why president biden addressed it in a major white house speech, calling inflation his top domestic priority and trying to shift blame for rising prices by attacking republicans and what he calls their ultra maga agenda. he also blasted their policy ideas as extreme and said they would make inflation worse, not better. really ask yourself how well are we going to sleep at night knowing that every five years maga republicans, if they re still republicans as i said, this is not your father s republican party. if we re going to have to vote on whether you w
a new report on inflation that could have you seeing red. to susan li from fox business with the breakdown that has a lot of folks fired up. susan? that s right, neil. no relief in sight for consumers as price pressures build. we saw a record jump in producer prices in november. that means suppliers are charging businesses at the highest level for their goods since data started being collected 11 years ago. combine that with the highest consumer price jump, that suggests that prices will stay elevated in to next year. so businesses are being businesses meaning that they need to make money. they re going to try to pass on the bulk of any price increases on to consumers with nearly 60% of small businesses raising their prices and that is the highest number since the carter administration in 1979. the majority of wholesale suppliers, construction companies and passing the buck on to consumers and they wes