Are you wondering how Team Biden’s fight against inflation is going? Well Biden continues to cheer the dips in the price of gas, ignoring its tremendous rise since the start of his presidency. However, despite his cheery comments on the cost of gasoline, things are now getting bad enough that even some over at CNN are starting to admit that, whatever the Fed is currently doing, it looks like inflation is going to be a problem for a while.
That admission came from CNN’s Business Editor at Large, when Richard Quest commented on the recent broadcast of CNN’s ‘New Day,’ saying, “Inflation is likely to continue being a problem for the foreseeable future, even if it slows down somewhat. Prices are going to continue to rise for the foreseeable future. That is going to happen.”
Quest then continued by highlighting certain industry and world factors that will continue to be inflationary in the short term, saying, “Oil and gas are designated and driven by external factors. So, you’re going to be looking at Ukraine. You’re going to be looking at Saudi Arabia. You’re going to be looking at the ability of Texas and North Dakota and South Dakota to generate more oil and gas. Those are factors.”
Quest than mentioned what the Federal Reserve is doing, raising the interest rates in 0.75% increments, and said that while those rate increases are “crucial,” that saga will need to play out over the next year to be effective.
Quest added, “We are the medicine that the Fed is delivering has only just started. This, I think, is crucial, people see rates going up by . 075% twice. And they think, “Oh, it’s all going to happen.’ “We’re talking about later this year, early into next, mid into next.”
Quest’s comments are similar to those of Neel Kashkari, the President and CEO of the Minneapolis Federal Reserve Bank, but maybe someway less dire. While speaking on CBS’ “Face the Nation,” Kashkari said, “It’s very concerning. We keep getting inflation readings, new data that comes in as recently as this past week, and we keep getting surprised. It’s higher than we expect.”
Kashkari continued, “And it’s not just a few categories, It’s spreading out more broadly across the economy and that’s why the Federal Reserve is acting with such urgency to get it under control and bring it back down.”
It is evident that Team Biden obviously wants to move on from inflation, which is proving to be a major albatross around Biden’s neck. Their ability to do so, however, is looking doubtful, as the problem is a persistent one and is showing few signs of letting up right now, regardless of what Biden says.
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