Peter Schiff, a well-known gold bull, recently challenged Jerome Powell’s claim that inflation is a consequence of consumer expectations, highlighting the role of excessive government spending and deficits.
What Happened: On Tuesday, Schiff took to Twitter to question Federal Reserve Chair Jerome Powell’s perspective on inflation. He disputed Powell’s assertion that inflation is driven by consumer expectations, attributing it instead to persistent government overspending and deficits. Further, Schiff warned of the potential for inflation to surge beyond the Fed’s 2% target if the Fed reverts to Quantitative Easing (QE).