The all-important consumer price inflation report for August will drop in on Wednesday and the number is closely watched by Street, given its implication for the Federal Reserve monetary policy.
Gold bull Peter Schiff, however, has a differing opinion on the data's significance.
What Happened: “It's likely the #Fed has already secretly given up its 2% #inflation target,” Schiff said in a post on X, formerly Twitter. The central bank may now quietly drop price stability as a mandate, the economist said.
“Its new unspoken mandate will be to finance exploding Govt. debt and forestall a financial crisis, no matter how high inflation rises as a result,” he said.
The Federal Reserve's dual mandate in formulating ...