5 Minutes Ago! Peter Schiff's Shared Horrible WARNING

5 Minutes Ago! Peter Schiff's Shared Horrible WARNING

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In a year of mostly bad news on inflation, the government's Wednesday report gave some hope that Fed rate cuts might still be on the table. The monthly pace of inflation in the U.S. eased a hair in April, according to the government's Consumer Price Index (CPI), rising 0.3% versus 0.4% in March and economist forecasts for 0.4%.
While everyone was celebrating the better-than-expected CPI report, economist Peter Schiff questioned the optimism, pointing out that inflation is still trending higher. Schiff emphasized that ignoring the problem now will make dealing with a future crisis much more painful. He believes that politicians and central bankers will avoid tough decisions, leading to more severe consequences down the road.
JPMorgan CEO Jamie Dimon told Bloomberg TV that markets underestimate inflation's likely endurance as various factors continue to drive prices upward. Barry Bannister, the chief equity strategist at Stifel, described the Fed's 2% inflation target as a 'pipe dream.' Meanwhile, Peter Schiff maintains that the Fed has already lost the inflation war.
On the other hand, U.S. copper prices have blown out to a record premium over the global benchmark in London. The price, equivalent to more than 11,000 dollars per tonne, pushed the difference between copper prices in the U.S. and the global benchmark in London to a record gap of more than 1,000 dollars.
According to Peter Schiff, rising copper prices contradict the notion of falling inflation. Schiff clarified that higher copper prices are a symptom of inflation, not the cause.
Peter Schiff highlights that nearly all the economic news this week was weaker than expected.
Federal Reserve Chair Jerome Powell on Tuesday cautioned that interest rates might stay elevated for an extended period, although he described the April producer price inflation report as mixed. More importantly, he reassured me that the next rate move is unlikely to be upward.
Peter Schiff took a swipe at Powell’s stance. Powell refused to acknowledge that the Fed’s easy monetary policy during the COVID-19 pandemic was a mistake, said Schiff in a post on X, formerly Twitter. “It resulted in the current inflation problem,” he said.

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