Gold bull and economist Peter Schiff on Friday warned that a renewed spurt in inflation could be in the cards.
What Happened: The main reason why the annual rate of inflation slowed from 9% to 3% was the huge rally in the U.S. dollar, Schiff said. “Now that the dollar is poised to surrender those gains, annual CPI prints will head back up to 9%,” he said.
A weaker dollar raises the cost of imports, which will feed into consumer prices in the U.S.
The Federal Reserve left the fed funds rate unchanged at a 22-year high of 5.25%-5.50% for a second straight meeting on Wednesday. Chairman Jerome Powell sounded dovish during the press conference that followed. He said progress has been ...