Long lines and closed gas stations in many regions.
A cyberattack shut down a major gas and energy pipeline supplying the East Coast of the United States for several days. The actual pipelines themselves are still functional and have since started running again, but it’s led to long lines and closed gas stations in many regions.1,2
While this situation is alarming and has a number of short-term consequences, it’s important to remember that the attack has mainly affected the computer systems used to transport the fuel. The flow of gasoline will soon return to its normal rate.1
Adding to the financial woes is the latest Consumer Price Index (CPI), a high jump of 4.2%. (Economists were looking for 3.6%.) Fed officials are saying that this represents a temporary rise and indicate that these may be influenced by the overall economic recovery, post-pandemic.3
Whatever lies ahead, it’s important to remember that, while these might be difficult matters for the household, they do not necessarily reflect the economy as a whole. Your economic strategy factors information like rising prices, so it’s important not to let certain events distract you from the bigger picture. As always, I’m happy to have a conversation with you about any concerns you may have.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
1. MarketWatch, May 10, 2021
2. Washington Post, May 11, 2021
3. CNBC, May 12, 2021