Three months ago, President Biden assured his fellow Americans that a surge in inflation was “temporary.” The Federal Reserve largely concurred. Now, Biden and the Fed either have to redefine “temporary” or come up with a different narrative.
Overall inflation hit 6.2% in October, the highest level of price hikes in 31 years. More concerning than the topline number are new indications that rising prices are becoming a permanent feature of the economy instead of a fleeting anomaly….
Source link
