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Tens of Thousands of Australians Evacuated, Hundreds Missing as ‘Unprecedented’ Flooding Hits East Coast

March 1, 2022

Flooding occurs in the town of Lismore, northeastern New South Wales, Australia, on Feb. 28, 2022. (AAP Image/Jason O’Brien)

Tens of Thousands of Australians Evacuated, Hundreds Missing as ‘Unprecedented’ Flooding Hits East Coast

New South Wales (NSW) residents are bracing for unprecedented floods across the east coast, with thousands of residents under evacuation orders and entire suburbs underwater.

The flood-prone suburb of Lismore in northeastern NSW remains under water as the Wilsons River reached two metres above the record flood level from 1954, peaking at 14.4 metres (47 feet) at 3 p.m. on Monday.

NSW Police confirmed the first flood death in NSW and ninth death overall at 3 p.m. on Tuesday.

Hundreds are missing and at least more one is feared dead after he was lost in the floodwaters.

State Premier Dominic Perrottet has told residents the worst may be yet to come, with 26 evacuation orders affecting 40,000 people, as well as over 300,000 more people under evacuation warnings are in place.

“If an evacuation warning has been issued, please follow the instructions. If you can leave safely, please do so,” he said. “Please do not wait. Please gather your belongings and please follow the instructions from the SES.”

This comes as the Australian Bureau of Meterology has issued a warning for Australia’s most iconic city, Sydney, to brace for flooding and severe winds with the weather system.

At present Perrotett has said emergency services have made over 1,000 flood rescues and received over 6,000 calls for assistance.

“I want to thank our SES volunteers and personnel, and the 550 working around the clock to get people to safety and importantly provide that care and support as we move through this difficult time,” Perrottet said.

Epoch Times Photo — Flooding occurs in the town of Lismore, northeastern New South Wales, Australia, on Feb. 28, 2022. (AAP Image/Jason O’Brien)

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“Doesn’t Really Add Up”: Canadian MPs Grill Public Safety Minister On Use Of Emergencies Act

February 26, 2022

“Doesn’t Really Add Up”: Canadian MPs Grill Public Safety Minister On Use Of Emergencies Act

MPs grilled Public Safety Minister Marco Mendicino on Feb. 25 at a House committee hearing to examine the public order emergency declared by the government, with some focusing on whether the threshold had been met to call a national emergency, and others looking to find out why the Ottawa occupation lasted so long.

Addressing whether the threshold was met to invoke the Emergencies Act on Feb. 14, Conservative MP and public safety critic Raquel Dancho asked Mendicino if “our safety was in jeopardy with the protests in Ottawa?”

“Well certainly the size, scope, and scale of the illegal blockades at a number of borders and ports of entry, as well as the illegal occupation in Ottawa, met the threshold under the Emergencies Act,” replied Mendicino as he testified before the House of Commons public safety committee.

Large-scale protests in Ottawa, dubbed the “Freedom Convoy,” along with Canada-U.S. border blockades had occurred across the country in recent weeks to demand the lifting of COVID-19 mandates and restrictions. Most of the blockades were cleared before the government invoked the act, and the one in Emerson, Manitoba, dispersed on its own on Feb. 16, so Dancho focused on the Ottawa protest.

“I walked to West Block for two weeks past these protests. If there was such a threat to public safety, how could you have allowed members of Parliament to walk by that protest every day?,” asked Dancho.

Families join the Freedom Convoy protest in downtown Ottawa after police distributed arrest notices to truckers and their supporters occupying Wellington St. and the Parliament Hill area on Feb. 16, 2022. (Richard Moore/The Epoch Times)

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Chinese State Media Accidentally Releases Censorship Rules on Russia–Ukraine Coverage

February 24, 2022

Chinese State Media Accidentally Releases Censorship Rules on Russia–Ukraine Coverage

A soon-deleted social media post—released to the public apparently by accident—provides a rare glimpse of how the CCP’s messaging on the escalating Ukraine–Russia tension is channeled to the masses.

Horizon News, a video news network under state-run Beijing News, on Feb. 22 instructed staff to avoid posting any Ukraine-related content on China’s Twitter-like Weibo that may come across as unfavorable to Russia or pro-Western.

“Let me review your draft before you first put it out,” stated the Weibo post, which has since been removed. Commentaries, it added, must be “carefully selected and controlled,” while topic selections should follow the lead of People’s Daily, Xinhua, and CCTV—three of the country’s foremost Party mouthpieces.

“Whoever publishes them will be held responsible,” the post stated, noting that each post should be monitored for at least two days.

Although China is well-known for its tight restrictions on press freedom, the post provides a rare, if small, revelation into the workings of Chinese media machinery and the inner anxieties of the regime as politically fraught international developments unfold.

While deepening ties with Moscow, Beijing is also cautious to avoid blowback by being seen as directly supporting a unilateral move to seize sovereignty of another nation—given the regime’s own designs in absorbing self-ruled Taiwan.

UKRAINE-RUSSIA-CONFLICT — Ukrainian troops patrol in the town of Novoluhanske, eastern Ukraine, on Feb. 19, 2022. (Aris Messinis/AFP via Getty Images)

The need for China to handle the sensitive geopolitical event with especial delicacy was elucidated by Ming Jinwei, a former senior editor for Xinhua, in his personal blog.

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Trudeau’s References to ‘Misinformation’ When Justifying His Emergencies Act Are Very Troubling

February 23, 2022

Prime Minister Justin Trudeau rises during Question Period in Ottawa on Feb. 15, 2022. (The Canadian Press/Adrian Wyld)

Trudeau’s References to ‘Misinformation’ When Justifying His Emergencies Act Are Very Troubling

With the parliament now formally invoking the Emergencies Act, many civil freedoms can be suspended in the name of dealing with our current emergency, whatever that may be.

The right to peaceful assembly and association has been suspended as gatherings are banned in certain areas. Property rights are being suspended as supporters of the Freedom Convoy are having their bank accounts seized and vehicles impounded. Rights pertaining to the security of the person have been suspended as police can force labour from people, such as tow truck drivers, upon threat of imprisonment.

As if the suspension of all the aforementioned rights wasn’t enough, in listening to Prime Minister Trudeau, it sounds like his government may want to infringe upon our rights even further under the dubious justification of quelling a protest crisis in Ottawa.

The Trudeau government may go after our rights to free speech, expression, and press.

During a press conference just prior to the parliamentary vote on the Emergencies Act, Trudeau expressed at length the reasons he felt invoking the Act was justified. Trudeau mentioned what he called “misinformation and disinformation” multiple times during the presser. What is in the Act that could be used to battle apparent misinformation if indeed such misinformation was part of why the Act was needed?

Nothing in the Emergencies Act itself refers to misinformation but it does give the government some strong powers that are open to some pretty broad interpretation. The government can now force Canadian banks to seize the assets of citizens without a court order. With no judicial oversight required, the government doesn’t need to justify to anybody why a citizen’s bank accounts should be seized. They need only order it.

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Gasoline Prices Rise Across US Again, Experts Warn More Pain at Pump Coming

February 14, 2022

A customer prepares to pump gasoline into his car at a Valero station in Mill Valley, Calif., on July 12, 2021. (Justin Sullivan/Getty Images)

Gasoline Prices Rise Across US Again, Experts Warn More Pain at Pump Coming

The price of gasoline has risen across the United States again as experts warn that more pain could lie ahead at the pumps for Americans.

The average price of a gallon of regular-grade gasoline currently stands at $3.488, an increase of more than 30 percent since the same time last year, when it was $2.505 a gallon, according to data from the American Automobile Association (AAA).

In the last week, the price of regular-grade gasoline has soared nearly 1.4 percent, from $3.441.

According to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels to 248.4 million last week.

Meanwhile, demand for gasoline increased from 8.23 million barrels per day to 9.13 million barrels per day, resulting in a disparity between demand and supply.

The rising cost of crude oil, driven by loosening COVID-19 pandemic-related restrictions and economies rebounding from the recession, is also putting continued pressure on prices.

And Americans are set to pay even more at the pumps in the future, AAA warned on Feb.10.

“Pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb,” AAA said.

Meanwhile, West Texas Intermediate (WTI) increased by 22 cents to settle at $89.88 at the close of the Feb. 10 formal trading session.

“WTI $94, national average gas price will eclipse $3.50/gal this week,” Patrick De Haan, the head of petroleum analysis at Gas Buddy, warned on Feb. 14.

Additionally, EIA reported that total domestic crude stocks decreased by 4.8 million barrels on Feb. 4 to 410.4 million.

“The current stock level is approximately 13 percent lower than at the beginning of February 2021, contributing to pressure on domestic crude prices,” AAA noted.

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Is America Heading for a Systems Collapse?

January 22, 2022

A woman walks a dog near the ruins of an ancient Roman aqueduct, in a park in a suburb of Rome, on July 28, 2017. (Andreas Solaro/AFP via Getty Images)

Is America Heading for a Systems Collapse?

In modern times, as in ancient Rome, several nations have suffered a “systems collapse.” The term describes the sudden inability of once-prosperous populations to continue with what had ensured the good life as they knew it.

Abruptly, the population cannot buy, or even find, once plentiful necessities. They feel their streets are unsafe. Laws go unenforced or are enforced inequitably. Every day things stop working. The government turns from reliable to capricious if not hostile.

Consider contemporary Venezuela. By 2010, the once well-off oil-exporting country was mired in a self-created mess. Food became scarce, crime ubiquitous.

Radical socialism, nationalization, corruption, jailing opponents, and the destruction of constitutional norms were the culprits.

Between 2009 and 2016, a once relatively stable Greece nearly became a Third World country. So did Great Britain in its socialist days of the 1970s.

Joe Biden’s young presidency may already be leading the United States into a similar meltdown.

Hard Left “woke” ideology has all but obliterated the idea of a border. Millions of impoverished foreigners are entering the United States illegally—and during a pandemic without either COVID-19 tests or vaccinations.

The health bureaucracies have lost credibility as official communiques on masks, herd and acquired immunity, vaccinations, and comorbidities apparently change and adjust to perceived political realities.

After decades of improving race relations, America is regressing into a pre-modern tribal society.

Crime soars. Inflation roars. Meritocracy is libeled and so we are governed more by ideology and tribe.

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Texas Relies More on Wind Than Coal for Its Energy—But Is It Ready for Another Winter Storm?

January 3, 2022

Wind turbines in Papalote, Texas, on June 15, 2021. (Brandon Bell/Getty Images)

Texas Relies More on Wind Than Coal for Its Energy—But Is It Ready for Another Winter Storm?

Texas power regulators announced significant changes in December focused on shoring up problems with its electricity grid that narrowly escaped a catastrophic total blackout when Winter Storm Uri hit in February.

With natural gas generating most of the state’s electricity, much of the talk has focused on how to make sure natural gas providers and generators are prepared against freezing and supply issues should another storm like Uri sweep through Texas.

But little has been said about what wind power—the second-largest producer of energy for Texas’ independent grid—will do to winterize to keep the grid stable in an emergency, even as some wonder why Texas, rich in fossil fuels, is relying so heavily on wind in the first place.

The Texas grid, unique in its independence from the rest of the country, is managed by the Electric Reliability Council of Texas, which is governed by the Public Utility Commission of Texas.

The grid is powered mainly by natural gas, which generated 46 percent of the electricity in 2020. But the grid’s share of renewable power has been increasing over the past decade, with wind providing 23 percent, surpassing coal which supplies 18 percent. Another 11 percent is supplied by nuclear, and the remainder comes from other sources.

All sectors of the grid struggled to supply electricity during the storm that contributed to more than 200 deaths and cost the state billions in financial losses.

In an email response to The Epoch Times, Mike Hoke, a public utility spokesman, said wind power producers were not exempt from winterization rules mandated by state regulators in wake of Uri.

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Gov’t Can’t Be Trusted With Cellphone Tracking Amid Pandemic: Former Ontario Privacy Commissioner

December 30, 2021

A cell tower in rural Ontario in a file photo. (The Canadian Press/Sean Kilpatrick)

Gov’t Can’t Be Trusted With Cellphone Tracking Amid Pandemic: Former Ontario Privacy Commissioner

Ontario’s former privacy commissioner is sounding the alarm about the government’s tracking of cellphone data to inform policy, after it was revealed recently that a federal agency has been analyzing the movements of Canadians since the onset of the pandemic.

“It concerns me enormously that this would enable the government to collect more and more information,” Ann Cavoukian told The Epoch Times.

“I do not want to [see] a trend where the government is consistently doing this and starting now. You can’t trust the government.”

Cavoukian, who served as Ontario’s privacy commissioner from 1997 to 2014, is founder of the advocacy group Global Privacy & Security by Design and heads the Privacy by Design Centre of Excellence at Ryerson University.

“In March 2020, [Prime Minister Justin] Trudeau said that tracking cellphone users was not being considered. Well, they did it, PHAC’s been doing it, and they want to do it even more,” Cavoukian said.

First reported by Blacklock’s Reporter on Dec. 21, the Public Health Agency of Canada (PHAC) has since confirmed that it has been using cellphone data to conduct analysis of Canadians’ anonymized movements in the context of the pandemic, and that it plans on expanding the program to other health issues and continuing it until 2026.

“[Officials] say ‘as soon as the emergency is over, we’re going to return to privacy.’ They don’t. The privacy invasive measures that are introduced during emergencies, pandemics, etc., often continue well after the emergency is over,” said Cavoukian.

She believes PHAC wanted to “keep this under wraps … because they know people do not want to have their mobile devices tracked.”

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G-7 Warns Russia of ‘Massive Consequences’ of Ukraine Incursion

December 12, 2021

Britain’s Foreign Secretary Liz Truss speaks at a press conference at the G-7 Foreign Ministers meeting in Liverpool, England, on Dec. 12, 2021. (Jon Super/AP Photo)

G-7 Warns Russia of ‘Massive Consequences’ of Ukraine Incursion

The Group of Seven (G-7) major industrialized countries warned Russia on Dec. 12 that any invasion of Ukraine would have “massive consequences” and would incur “a severe cost.”

In a statement issued after a two-day summit held in the English city of Liverpool, G-7 foreign ministers said they were “united in [their] condemnation of Russia’s military build-up and aggressive rhetoric towards Ukraine.”

Ukrainian servicemen attend a rehearsal of an official ceremony to hand over tanks, armored personnel carriers, and military vehicles to the Ukrainian Armed Forces as the country celebrates Army Day in Kyiv, Ukraine, on Dec. 6, 2021. (Gleb Garanich/Reuters)

The foreign policy chiefs from the United States, the UK, Canada, France, Germany, Italy, Japan, and the European Union, called on Russia to “deescalate, pursue diplomatic channels, and abide by its international commitments on transparency of military activities.”

“Any use of force to change borders is strictly prohibited under international law,” they said. “Russia should be in no doubt that further military aggression against Ukraine would have massive consequences and severe cost in response.

“We reaffirm our unwavering commitment to Ukraine’s sovereignty and territorial integrity, as well as the right of any sovereign state to determine its own future.”

Earlier, UK Foreign Secretary Liz Truss told a press conference that the G-7 allies have “sent a very clear united message to [Russian President] Vladimir Putin.”

Truss said the UK is considering “all options” including economic sanctions in response to potential Russian aggression.

“When the UK has wanted to send clear messages and achieve clear goals, we have been prepared to use economic sanctions. So we are considering all options,” she told reporters.

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World Economy Entering Period of Oil Scarcity, Halliburton CEO Says

December 11, 2021

An oil worker removes a thread cap from a piece of drill pipe on a drilling lease owned by Elevation Resources near Midland, Texas, on Feb. 12, 2019. (Nick Oxford/Reuters)

World Economy Entering Period of Oil Scarcity, Halliburton CEO Says

Jeff Miller warns that global oil supply could soon be surpassed by demand for the indefinite future

Halliburton CEO and president Jeff Miller made waves on Monday predicting that the world is due for a period of oil scarcity in comments at the World Petroleum Congress in Houston, Texas.

“I think that for the first time in a long time, we will see a buyer looking for a barrel of oil, as opposed to a barrel of oil looking for a buyer,” Miller said.

Since 2014, the oil industry has generally deemphasized building new infrastructure in the face of low prices. However, that trend may now catch up with the industry, which now finds demand for oil exceeding the available supply given current infrastructure.

Some analysts have speculated that it is increasingly likely that oil prices will soon climb to $100 per barrel, a price unseen in the past seven years and which has serious potential to disrupt the economy.

An additional factor contributing to predicted oil scarcity is a labor shortage in the fossil fuel industry surpassing that in the general economy.

The widespread perception that fossil fuels will be marginalized in the future of energy and transportation makes long-term careers in petroleum unattractive to young workers, with many oil workers seeking to switch to renewables or leave the energy industry outright.

A recent survey revealed that 43 percent of oil industry employees sought to transition to other sectors in the next five years, as reported by Reuters.

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The Fed Will Break the Economy

December 5, 2021

The Fed Will Break the Economy

Last week, the Fed was handed an unexpected gift as first-time jobless claims fell to the lowest level since 1969, which gives the Federal Reserve the green light to continue tapering its $120 billion monthly purchases of U.S. Treasury and mortgage-backed securities. Given the Fed’s dual mandate of maximum employment and stable prices, low unemployment claims along with a low unemployment rate allow the Fed to focus on combating inflation.

To fight inflation, the Fed only has two policy tools. The Fed can raise the federal funds rate, which is currently at 0 percent, and it can taper or reduce the size of its balance sheet. While those two tools are good at fighting monetary inflation, or rising prices associated with money printing, neither are useful for fighting supply-chain inflation.

The Fed isn’t concerned about how inflation manifests itself but only its ability to fight inflation. At the Federal Open Market Committee’s Nov. 3 press conference, Fed Chair Jerome Powell announced the committee has decided it was appropriate to reduce its asset purchases.

Starting in mid-November, the Fed would reduce its purchases of U.S. Treasury and mortgage-backed securities from $120 billion per month to $105 billion per month. In mid-December, the Fed will further reduce its asset purchases to $90 billion per month. Many pundits believe the Fed will increase the pace of its reductions at its Dec. 15 press conference, which will mark the last Federal Open Market Committee meeting for 2021.

For the Fed, the need to slow the rate of inflation is a matter of maintaining credibility. Congress has assigned the role of maintaining stable prices to the Fed, which has determined that 2 percent annualized inflation is a reasonable target. With the Consumer Price Index rising at a rate of 6.2 percent on a seasonally adjusted rate in October, there are serious political ramifications for Congress should the Fed be unable to control inflation.

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Net-Zero Policies: Taking From the Poor and Giving to the Rich

November 21, 2021

British Prime Minister Boris Johnson (R) and Australia’s Prime Minister Scott Morrison gesture prior to a bilateral meeting on the sidelines of the G20 summit in Rome, Italy, on Oct. 30, 2021. (Kirsty Wigglesworth- Pool/Getty Images)

VIEWPOINTS

Net-Zero Policies: Taking From the Poor and Giving to the Rich

It is too often overlooked in all the discussions about the “transition” to a net-zero emissions economy that the most consequential transition is that from democratic capitalism to feudal serfdom.

This is the conclusion of American demographer and “blue-collar Democrat” Joel Kotkin, who has highlighted that the supposedly well-intentioned green policies being adopted across the West come at enormous expense to the working- and middle-classes.

As Kotkin wrote in ‘Spiked’ earlier this year, “extreme climate measures have driven the loss of traditional blue-collar jobs in manufacturing, construction and energy, while other environmental regulations have boosted housing prices.”

Kotkin’s thesis is that the West is on the road to serfdom. Rather than maintaining our capitalist societies where a large, asset-owning middle-class underpin a stable democratic system, we are becoming stratified feudal societies.

Home and small business ownership are declining, especially among the young and the less well-off, a group of technocratic elites are establishing themselves as permanent rulers in the apparatus of the administrative state, and corporate oligarchs are coming to dominate both the economy and broader society.

This transition has been occurring for some time, but it has been accelerated by the COVID-19-inspired lockdowns and the zeal with which Western governments have thoughtlessly adopted net-zero emissions targets.

Both play out as an aggressive form of reverse Robin Hood asset stripping, taking from the poor and giving to the rich.

Australia is now officially committed to a net-zero emissions by 2050 target.

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Used Car Battery Problems Take Shine Off China’s ‘Green’ New Energy Vehicles

November 17, 2021

Workers assemble electric cars in a factory in Zouping, east China’s Shandong Province on Sept. 16, 2014. (AFP/AFP/Getty Images)

Used Car Battery Problems Take Shine Off China’s ‘Green’ New Energy Vehicles

In the last decade, China has rapidly expanded its “green” new energy vehicle (NEV) industry but recycling and disposing of hundreds of thousands of tons of used car batteries has become a pressing issue due to environmental concerns.

Growth in China’s NEV industry took off in 2014 when nearly 78,500 NEVs were produced and some 75,000 were sold. As of September of this year, China’s NEV registration reached 6.78 million, of which 5.52 million are fully electric vehicles.

The NEV industry predicts that its production and sales growth rate will remain above 40 percent in the next five years prompting the question of how to best manage the growing numbers of discarded lithium batteries from the NEVs.

Industry data shows that the service life of lithium batteries used in electric vehicles is generally 5 to 8 years, and the service life under warranty is 4 to 6 years. That means, tens of thousands of electric car batteries will soon need to be discarded or recycled, and millions more down the road.

According to the latest data from China Automotive Technology and Research Center, the cumulative decommissioning of China’s electric car batteries reached 200,000 tons in 2020 and the figure is estimated to climb to 780,000 tons by 2025.

Presently, most end-of-life batteries are traded in the unregulated black market, raising serious environmental concerns. If such batteries are not handled properly, they could cause soil, air, and water pollution.

“A 20-gram cell phone battery can pollute a water body equivalent to three standard swimming pools. If it is buried in the ground, it can pollute 1 square kilometer (247 acres) of land for about 50 years,” Wu Feng, a professor at Beijing Institute of Technology, once publicly stated.

Electric car batteries are many times larger than cell phone batteries.

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California Gas Prices Reach New Record High

November 16, 2021

Gas prices nearing $5.00 a gallon are displayed at Chevron and Shell stations in San Francisco, Calif., on July 12, 2021. (Justin Sullivan/Getty Images)

California Gas Prices Reach New Record High

The average price of a regular gallon of gasoline in California reached a record high on Monday as sticker shock continues to anger drivers paying more at the pump.

Monday’s average price for a gallon of regular unleaded gas in California rose to $4.682, according to the American Automobile Association. The price broke the previous record of $4.671 set in October 2012.

Mid-grade unleaded gasoline also rose to an average price of $4.868. Premium unleaded gasoline reached an average of $4.997, with diesel at $4.816.

The jump is most noticeable when compared with gasoline prices one year ago. In California, the average price at the same time in 2020 was just $2.125 per gallon for regular unleaded fuel.

The prices also make California, the most populated state in the nation, the state with the highest average gas prices in the nation, according to the data.

The Automobile Club of Southern California noted the price increases come as millions of people across the state prepare to travel for the Thanksgiving holiday.

“The Auto Club is projecting 4.4 million travelers for the Thanksgiving holiday, with 3.8 million of them driving to their holiday destinations,” Auto Club spokesman Jeffrey Spring said.

White House Press Secretary Jen Psaki said on Friday that increased gas prices show the federal government needs to invest more in green energy alternatives.

“Our view is that the rise in gas prices over the long term makes it an even stronger case for doubling down our investment and our focus on clean energy options so that we are not relying on the fluctuations and OPEC and their willingness to put more supply and meet the demands in the market. That’s our view,” Psaki said.

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Relief from High Prices Unlikely, Analysts Say Ahead of Consumer Inflation Data Release

November 10, 2021

A customer shops for meat at a Safeway store in San Francisco, Calif., on Oct. 4, 2021. (Justin Sullivan/Getty Images)

Relief from High Prices Unlikely, Analysts Say Ahead of Consumer Inflation Data Release

With investors closely eyeing two major data releases this week on inflation—one on producer input costs and the other on consumer prices—Wells Fargo analysts say it’s unlikely sticker-shock-weary consumers will see relief as the persistent supply-side crunch will “keep fanning the flames on inflation in the near term.”

On Tuesday, the Labor Department will release data for October’s producer price index (PPI), which tends to front-run consumer inflation data as at least some production costs get passed on to consumers. Economists expect a year-over-year rise of 8.7 percent in the PPI inflation measure, which would be the highest reading in the history of the series. Last month’s PPI came in at 8.6 percent, a record high.

And on Wednesday, the Labor Department will issue figures for October’s consumer price index (CPI), a key measure of inflation from the perspective of end consumers of goods and services. Consensus forecasts predict a year-over-rise of 5.3 percent in the CPI inflation gauge for October, with the prior month’s rise amounting to 5.4 percent, near a 30-year high.

On a month-over-month basis, CPI is expected to clock in at 0.5 percent, according to consensus forecasts released by FXStreet, though Wells Fargo analysts expect inflation was running hotter.

“Consumer Price Index report for the month of October is unlikely to offer much of a reprieve on the inflation front,” Wells Fargo analysts wrote in a note, in which they predict a 0.6 percent month-over-month increase in the CPI index. “If realized, this would put headline CPI inflation at 5.9 percent year-over-year.”

…click on the above link to read the rest of the article…

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