Despite the spin from the White House, a top Fed Official says inflation is still too high, and raising interest rates again may be appropriate.
Last week in Germany, Michelle Bowman, Governor with the Federal Reserve, made the remarks, echoing what everyone else in the U.S. has known for months. Inflation is not even close to being under control.
"Americans everywhere already know that inflation is way too high" said economist EJ Antoni with the Heritage Foundation, "Unfortunately, The Fed has really started to take their foot off of the brake in terms of interest rate hikes, and they need to do a lot more. It's a question of whether or not they have the political will to actually do that."
So the rate hikes aren't just appropriate, they are still necessary, even if the markets have been banking on a pause.
"Rate hikes were appropriate a year before The Fed even started them" Antoni told KTRH, "And unfortunately this administration, not just The Federal Reserve, decided to stick with the line that inflation was transitory instead of actually looking the facts in the face and realizing that this was a serious problem."
The other problem is, we are on the verge of an official -recession.
Photo: Getty Images