Some used vehicles in the US now costing more than new ones
One area that US inflation is being keenly felt is in the used cars sector. Fed's Powell expects this to be temporary and for supply/chip shortages to be rectified and for that market to calm down.
So how hot is it? Well some used cars are trading for more than their new price!
According to Bloomberg a typical 2019 Toyota Tacoma SR double cab pickup was just under $29,000. Two years later, the same car is going to dealers for $30,000 and then sold on to consumers for $33,0000. According to Black Book, which tracks car and truck data, used cars have climber 30% this year.