American consumers aren’t buying the transitory inflation narrative.
Even after five straight months of annual CPI increases over 5%, Jerome Powell continues to insist inflation is “transitory” and the result of a “supply chain problem.” But according to the New York Federal Reserve Survey of Consumer Expectations, people aren’t buying this story. They expect inflation to be running at 5.7% a year from now. And in three years, they still expect the inflation rate to be at 4.2%.
Stocks closed out November on a high note with the hope of a trade deal fueling Wall Street. But is this warranted? And are consumers really doing a well as the mainstream would have us believe? Peter Schiff appeared on RT Boom Bust last week to talk about it. He said it’s all a house of cards and it’s going to come crashing down on American consumers.