TIP - Fed Has 'Already Lost' Inflation War Says Gold Bull Peter Schiff After 'Hotter-Than-Expected' December CPI Data: Are Rate Hikes Coming? | Benzinga
The December inflation report released Thursday spooked traders as the numbers came in a bit ahead of expectations. After declining sharply in the morning, stocks drew upon their resilience and finished flat in the session. An economist, however, said he sees the number as a confirmation that the Federal Reserve has failed in its inflation fight.
What Happened: “Anyone who thinks the #Fed will succeed in returning #inflation to 2% doesn’t understand inflation, including [Jerome] Powell or other FOMC members” said economist and gold bull Peter Schiff in a post on X, formerly Twitter.
The headline consumer price inflation as well as core inflation, which excludes the volatile food and energy, rose at a monthly rate of 0.3% each. Economists, on average, modeled 0.2% n and 0.3% rates, respectively. The annual CPI and core CPI inflation came in at 3.4% and 3.9%, respectively, compared to the 3.2% and 3.8% expected by economists.
Schiff said, ”Today’s ...