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On Wall St: Commodity boom backfires on consumers
JICWyllie
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2-29-2008 4:59 PM
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tags:
economy
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consumers
,
currencies
,
i-policy
,
i-consequences
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/73762957-62da-4984-b6a9-4cf2cbb55f7a/7B6AE3F5-DFDC-471D-88E8-5742FE91CB97/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/94457f9e-e6e3-11dc-b5c3-0000779fd2ac.html" href="http://www.ft.com/cms/s/0/94457f9e-e6e3-11dc-b5c3-0000779fd2ac.html" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/94457f9e-e6e3-11dc-b5c3-0000779fd2ac.html">The Federal Reserve is attempting to fill up the liquidity punchbowl with big interest rate cuts. But it is beginning to look like an old party trick. Cheap cash for consumers and Wall Street banks has not translated into lower mortgage rates, let alone alleviated stress in the credit market.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/94457f9e-e6e3-11dc-b5c3-0000779fd2ac.html">Instead the prime beneficiary has been commodities. The dollar has fallen out of favour and set record lows against the euro and a basket of rivals, helping to boost commodities prices across the board.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/94457f9e-e6e3-11dc-b5c3-0000779fd2ac.html"><P>Since the Fed started to cut rates last September, the Reuters/Jefferies commodity price index has risen more than 30 per cent, with oil, precious metals and wheat all setting record prices this week. </P><P>As a result the beleaguered US consumer faces a creeping tax in the form of higher petrol and food prices, on top of negative wealth effects from housing and the stock market’s slide since October. If this trend continues, consumers may get little relief from rebate cheques due in the summer</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7B6AE3F5-DFDC-471D-88E8-5742FE91CB97/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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