Former Chairman of the Council of Economic Advisers Kevin Hassett joined Larry Kudlow on Thursday following the horrific losses on the stock market.
The Dow was down below 30,000 points for the first time since the inauguration.
Hassett says the Fed must raise interest rates 3/4 points likely until the end of the year before inflation will start to come down from the current historic rates.
Kevin Hassett: I’m very, very pessimistic on where rates have to go given how bad fiscal policy is under the Democrats. Basically, you’re going to be looking at rate hikes every meeting this year of 0.75… I think we’re probably more than halfway to the bottom but the bottom is still a ways off.
Hassett does not paint a rosy picture. There may be some more difficult days ahead.
Retirees are losing their retirement young people can’t afford their first home fuel is unaffordable healthcare sucks and grocery shelves are empty
Sounds like more INSURRECTION in the way baby !!!!!! This time ARMED when the Democrats
Cheat the next Election !!!!! Americans are Fed UP !!!!!!
THANK BIDEN Mafia administration who are ONLY in Stolen Office by a 2020 COUP !!!! TRUMP WON 2020 !!!!!
They have informed us ahead of time, drastic fed hikes like thus require us to hunker down past the time when school is back in session so the economy can reset.
Only a few small problems…we cant hunker down because we need to work, eat, pay bills and play. So instead we will bitch and moan while things get worse.
Definitely a perfect storm.
Shrinkflation is also in play. We are paying MORE for goods while they are smaller in packages. Bizz have done it for years but we only notice when things suck.