The Federal Reserve released even worse news about climbing inflation rates under the Joe Biden regime with a new warning. 

In a CNBC report released Wednesday, The Fed “considerably raised its expectations for inflation this year and brought forward the time frame on when it will next raise interest rates.” It added, “However, the central bank gave no indication as to when it will begin cutting back on its aggressive bond-buying program, though Fed Chairman Jerome Powell acknowledged that officials discussed the issue at the meeting.”

According to the Daily Wire

Officials said that increases in interest rates could come as soon as after the 2022 midterms in 2023. However, they previously said that interest rates would not increase until at least 2024.

“This is not what the market expected,” James McCann, deputy chief economist at Aberdeen Standard Investments, told CNBC. “The Fed is now signaling that rates will need to rise sooner and faster, with their forecast suggesting two hikes in 2023. This change in stance jars a little with the Fed’s recent claims that the recent spike in inflation is temporary.”

“If you’re going to get two rate hikes in 2023, you have to start tapering fairly soon to reach that goal,” Kathy Jones, head of fixed income at Charles Schwab, told CNBC. “It takes maybe 10 months to a year to taper at a moderate pace. Then you’re looking at we need to start tapering maybe later this year, and if the economy continues to run a little bit hot, rate hikes sooner rather than later.”

Larry Summers, who held top economic positions in the Clinton and Obama administrations, said, “If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed.” 

He added, “The main risk is that our economy’s going to overheat.”


Subscribe
Notify of
guest
8 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
James Hutchins
James Hutchins
5 months ago

It’s all bidens fault for the crises he has created

Pawn
Pawn
5 months ago
Reply to  James Hutchins

Biden is a puppet and always has been. He is a pedo and a racists and has been bought and paid for for years. biden isn’t smart enough to wipe his own… well you get the idea

IH8LIBS
IH8LIBS
5 months ago

Biden is an abject failure and his failed policies will destroy the country. Congratulation democrats on installing this fake President. Your cheating was extraordinary….

Bonniefree
Bonniefree
5 months ago

Biden might as well be labeled what he is: a bitter corrupt treasonous hater of America! He has been bought and paid for by China and Russia and sell another piece of America daily!!