- June 17, 2021
- Posted by: Stratford Team
- Category: Business
A ‘Making Money’ panel with Gary Kaltbaum, Nancy Tengler and Phil Blancato react to the FOMC decision.
Federal Reserve Chairman Jerome Powell on Wednesday used the recent plunge in lumber prices as an example of why the central bank thinks the recent surge in inflation will be transitory.
“For example, the experience with lumber prices … the thought is that prices like that that have moved up really quickly, because of shortages and bottlenecks and the like, they should stop going up and in some point, in some cases, they should actually go down and we did see that in the case of lumber,” said Powell during his Q&A session following the Fed’s latest policy decision.
LUMBER PRICES PLUNGE
Lumber prices have plunged by 40% through Tuesday since topping out at a record-high $1,670.50 thousand board feet on May 7. Prices were still up 150% from the start of 2020.
Stacks of logs at sawmill (lumber mill)
Ticker Security Last Change Change %WOOD…
