This is insane.
In a recent interview with Fox, Harvard University professor Kenneth Rogoff dropped a bombshell and told the American people that he strongly believes inflation is not transitory like the Biden administration claims and will last well into 2023!
During his interview, Rogoff stated, “It’s not so easy to raise interest rates to fight inflation when public and private data is high, when the stock market is high, when housing prices are high, when the economy is still weak. It takes a lot of stomach.”
Rogoff further explained that he believes the Federal Reserve will be very responsible and “cautious” and will not overshoot on raising interest rates. Rogoff claimed that for this reason alone “we’ll still have inflation in 2023.”
Rogoff added that the Federal Reserve expects to take their 2% inflation target “seriously.”
“And I think the question is: How much are they going to have to step on the breaks to really slow inflation down?” he asked.
The Harvard professor also pointed out that the Fed hasn’t “tried to raise interest rates to stop inflation really for almost 30 years now.”
“It’s not clear how it’s going to work, there is a lot of uncertainty.”