Oil jumped 2.50 a barrel today and gasoline continues to climb despite excess supply. Natural gas futures are down sharply with higher than expected supply on hand. Too bad winter is over.
Used car prices have dropped by 5% mostly on the declining demand for SUVs and the sputtering economy. A shortage of parts from Japan will make new cars harder to get. Black and red models will be in short supply, the pigments are made inside the evacuation zone.
Home prices continue to fall of course.
Gold and silver are soaring as the USD falls through the floor.
The minutes of the last Fed meeting indicate some board members are pushing for higher interest rates to counter inflation. The European Central Bank has already raised interest rates to "fight inflation". The problem is that there isn't any "inflation". Unemployment is still high even in Europe (by their standards). The price of big ticket items are falling. The last thing to do right now is raise interest rates.
If you want to do something about rising commodity prices you could require speculators to put up more than 10% cash to buy futures contracts and ban derivatives (they were illegal up until Bill Clinton and the Republicans decriminalized them). The only problem is that might well add to the deflation spiral if prices fell through the floor.
It's really hard to get an economy going again if the first and foremost thing (well really the only thing) on the agenda is to maintain and increase the holdings of the extremely wealthy.