President Biden re-nominated Jerome Powell for Chairman Federal Reserve for the next four years. The nominations seem to prove that President Biden is NOT interested in shaking up the status quo, as you may be worried about rising prices.
The White House will release supply from the SPR Strategic Petroleum Reserve (Bloomberg) and is expected to be done in tandem with other countries like China, India, Japan & South Korea. This release is to lower fuel costs for you and business owners. OPEC responded by warning it may have to reconsider plans to add more OIL production.
Samsung will choose Taylor Tx to build a 17 Billion chip-making factory. While this creates jobs, it also signals an expansion of semi-conductor production expansion in the United States. (Wall Street Journal)
How Can Higher Inflation Hurt Your Savings & Retirement Plan? You will pay higher costs for almost everything and your income may not keep up. This also impacts your savings as you may not be able to save as much or at all and your net returns are also lower.
Is it Smart to Produce Semi-Conductor’s in the United States? It definitely is, when chips are made here we don’t rely as much on foreign powers to make and ship them and it is easier to get them to where they need to be. It is also better because chip makers can pivot to what chips are needed (like cars) and get them to auto factories quicker.