An inflation gauge closely monitored by the Fed jumped 6.4% in February. The AP reports that’s the largest increase in nearly 40 years. Data also indicates that core inflation increased by 5.4%. With ongoing inflation and worries about the Ukraine war, MoneyWeek has created a list of the best precious metals to invest in right now. In other retirement news, the House passed “Secure Act 2.0,” which will improve the retirement savings system for U.S. workers.

 

Associated Press/Christopher Rugaber
A key inflation gauge sets 40-year high as gas and food soar

An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans’ finances.

The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.

Robust consumer demand has combined with shortages of many goods to fuel the sharpest price jumps in four decades. Escalating the inflation pressures, Russia’s invasion of Ukraine has disrupted global oil markets and accelerated prices for wheat, nickel and other key commodities.

Read the full story, here.

 

MoneyWeek/David J Stevenson
Silver and platinum group metals are dirt cheap – buy now

Almost exactly 42 years ago to the day, an attempt to corner the silver market by the three Hunt brothers – Nelson, Lamar, and William – ended in disaster. The trio, the sons of Texas oil billionaire Haroldson Lafayette Hunt Junior, began buying in 1979, with the silver price sitting at just over $6 an ounce. By 18 January 1980, the price of silver had hit a record of just under $50 per ounce, and the Hunt brothers were thought to own around a third of the entire world supply of silver not held by governments.

However, the Hunts had borrowed heavily to back their purchases – so when concerned regulators introduced limits on leverage, and the Federal Reserve discouraged banks from making such loans, the silver price began to fall, and the brothers soon faced a huge margin call that they couldn’t fund. By 27 March 1980 – “Silver Thursday” – the silver price had plunged all the way back to $11 per ounce, and the Hunts lost a fortune.

You can read the entire article, here.

 

CNBC/Carmen Reinicke
House passes ‘Secure Act 2.0.’ Here’s what that means for retirement savings

The House of Representatives has passed a bill that will improve the retirement savings system for U.S. workers, moving it closer to becoming law.

The Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, was approved on Tuesday with a bipartisan vote of 414-5. Now, the legislation heads to the Senate.

“H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said House Ways and Means Committee Chairman Richard Neal, D-Mass., ahead of the Tuesday vote. “Too many workers reach retirement age without having the savings they need.”

You can read the full story, here.

 

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