{"id":12665,"date":"2021-09-29T17:54:14","date_gmt":"2021-09-29T17:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/fed-chair-says-us-inflation-more-enduring-than-anticipated-strategist-predicts-10-market-correction\/"},"modified":"2021-09-29T17:54:14","modified_gmt":"2021-09-29T17:54:14","slug":"fed-chair-says-us-inflation-more-enduring-than-anticipated-strategist-predicts-10-market-correction","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/fed-chair-says-us-inflation-more-enduring-than-anticipated-strategist-predicts-10-market-correction\/","title":{"rendered":"Fed Chair Says US Inflation \u2018More Enduring Than Anticipated\u2019 \u2014 Strategist Predicts 10% Market Correction"},"content":{"rendered":"

Americans are not only worried about future inflation, but they are also dealing with dwindling purchasing power in real-time. Meanwhile, on Thursday, Federal Reserve chairman Jerome Powell plans to address the Senate Banking Committee and discuss inflation. In the remarks pre-published from Powell\u2019s speech, the Fed chair noted that the recent inflation spike may last longer than the central bank anticipated.<\/strong><\/p>\n

Fed Chair Jerome Powell: \u2018Inflation Effects Have Been Larger and Longer-Lasting Than Anticipated\u2019<\/h2>\n

If you were to read reports published by news outlets like CNN or Axios, it\u2019s likely the reporter would say something<\/a> like \u201cmaybe we can ignore inflation expectations.\u201d While CNN admits inflation is here, reporters like Dana Peterson blame things<\/a> like the Covid Delta variant, chip shortages, labor costs, and the cost to rent. Similar to the opinions of politicians and Fed board members, CNN\u2019s Peterson concludes that \u201cinflationary pressure probably will be with us for a while longer.\u201d<\/p>\n

Jerome Powell\u2019s speech on Thursday reflects a similar message as he explains to the Senate Banking Committee in his pre-published statements that the rise in inflation may persist for a bit longer. \u201cInflation is elevated and will likely remain so in coming months before moderating,\u201d Powell\u2019s remarks from Thursday\u2019s upcoming testimony note. The central bank lead blames supply chain issues and further adds:<\/p>\n

As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, particularly due to supply bottlenecks in some sectors. These effects have been larger and longer-lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2 percent goal.<\/p>\n

Long-Time Market Bull Predicts a 10% Market Correction, Fed Says It Will \u2018Do All We Can to Support the Economy\u2019<\/h2>\n

At the same time, \u201clong-time market bull\u201d Phil Orlando said on Monday that a 10% correction may take place \u201cover the course of the next five weeks or so.\u201d The Federated Hermes chief market strategist explains that there is a lot of uncertainty around \u201cfiscal and monetary policies\u201d right now. \u201cWe\u2019re seeing how events develop and evolve here,\u201d Orlando said during an interview on CNBC\u2019s \u201cTrading Nation\u201d broadcast. The market strategist continued by adding:<\/p>\n

On the monetary policy side, inflation has been running much hotter than the Fed and the administration has been prophesying. We think inflation is more sustainably higher. That\u2019s going to result in the Federal Reserve changing monetary policy both in terms of their taper and their interest rate increases much more quickly than they originally told us.<\/p>\n

The news follows the recently published statements from the Fed last week and a few members of the Fed board being scrutinized<\/a> for their stock purchases in 2020. Fed chair Jerome Powell has also been criticized <\/a>for owning bonds of the same type the U.S. central bank bought during the pandemic last year. Of course, Powell\u2019s pre-published remarks from the upcoming Senate Banking Committee testimony note that the central bank will always step in until the U.S. economy has recovered.<\/p>\n

\u201cWe at the Fed will do all we can to support the economy for as long as it takes to complete the recovery,\u201d Powell\u2019s pre-published commentary emphasized.<\/p>\n

What do you think about the upcoming speech Powell will give to the Senate Banking Committee on Thursday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Central Bank, criticized, economics, Economy, Fed, Fed anticipated, Fed Chair remarks, Federal Reserve, Federated Hermes\u2019 chief market strategist, inflation, jerome powell, Monetary Easing, Phil Orlando, QE, Rising Inflation, scrutinized, senate banking committee, stimulus, Trading Nation, US Central Bank<\/p>\n","protected":false},"excerpt":{"rendered":"

Americans are not only worried about future inflation, but they are also dealing with dwindling purchasing power in real-time. Meanwhile, on Thursday, Federal Reserve chairman Jerome Powell plans to address the Senate Banking Committee and discuss inflation. In the remarks pre-published from Powell\u2019s speech, the Fed chair noted that the recent inflation spike may last…<\/p>\n","protected":false},"author":0,"featured_media":12666,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12665"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12665"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12666"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}