The used-car market is always important in the auto industry — a vital part of dealers' businesses as well as a mechanism to bring new-car customers back into showrooms more often.
But lately even the general-interest news media has been taking an interest in pre-owned vehicles, as the pundits try to grasp the nation's inflation situation.
Inflation in June was higher than expected, in no small part because of the high price of used vehicles. And there's extra attention on the matter because Federal Reserve Chairman Jerome Powell was taking questions from members of Congress last week.
Some critics think the Fed is making a terrible mistake: allowing the economy to overheat. They argue that the central bank should raise its benchmark rate or at least stop buying $120 billion of Treasury bills and mortgage-backed securities each month.
Other critics say the Fed is going to make a terrible mistake: tightening up the money supply too soon. Bloomberg reports that bond prices indicate that investors believe the Fed will take away the lending punch bowl too soon and smother economic growth.