TIP - Peter Schiff Warns Of Far More 'Devastating Outcome' Than 2008 Global Financial Crisis As He Slams Jerome Powell's 'Misguided' Optimism | Benzinga
The Federal Reserve, under the chairmanship of Jerome Powell, signaled that it is leaning toward three rate cuts this year, and with the annual rate of the personal consumption expenditure index ticking up in February, economist Peter Schiff warned on Friday that the central bank could be wrong in its thinking.
Inflation Alive And Kicking: While the Fed claims inflation is headed toward its 2% target, gold’s rally past the $2,200 per troy ounce suggests inflation is headed in the other direction, said Schiff in a post on X, formerly Twitter. The market is a far more reliable indicator than the Fed, he said, adding, “If the Fed really was data dependent, the rising gold price would cause it to raise interest rates.”
The economist noted that personal spending surged up 0.8% month-over-month in February, far more than the 0.3% rise in personal income. The 0.3% monthly increase in the personal consumption expenditure understated the impact inflation has on ...