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US inflation – Fed yet to get a grip on escalating inflation

by maria
Editorial & Advertiser disclosure

Jason Cozens, Founder & CEO of Glint, says: “We’re in the midst of an economic climate where a month without a spike in inflation is almost cause for celebration. However, inflation was still higher than forecast suggesting that the Fed is yet to get a real grip on this escalating issue.”

“Inflation is a global problem – in the UK, the Bank of England has admitted that 4% inflation is likely this year after its initial 2% target was surpassed months ago, whilst in China, producer price inflation is rising at an increasingly rapid pace, hitting 9% last month. Could we see these costs piled onto the global consumer before long? If so, then consumers will be in for an even tougher few months.”

“Raising interest rates would provide a boost to consumers but of course then governments would have to worry about repaying the huge amounts of national borrowing and debt that has been collated. In the US, national debt is already at 108% of GDP, how can this be repaid if interest rates rise? It’s a vicious circle which punishes consumers and savers most of all.”

“Consumers are losing faith with central banks and fiat currencies, as a result consumers are increasingly embracing alternative currencies which can offer greater control over how they spend and save their money.”

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