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There is understandable concern over the soaring inflation rate, which has risen an alarming 6.2% in the last year. A number of factors contribute to the increase.
I already pointed out plummeting consumer confidence as one reason. A labor market with millions of Americans quitting their jobs is another. Now we have consumer prices jumping .9% in a single month.
Something has to give, and Treasury Secretary Janet Yellen knows it. Someone may want to tell the Federal Reserve, though, because their inflation forecasts have either been incredibly optimistic or delusional. Either way, the Fed’s predictions have been wrong.
“How wrong,” you ask.
A year ago, it said 2021 inflation would be 1.8%. It’s running at a 7% percent clip. That’s bad news for all Americans, because it’s a very safe bet inflation is only going higher.
