At a Monday press conference a Fox News reporter asked Biden if inflation is a “political liability” with the mid-terms. Instead of answering, President Biden could be heard muttering that he is a “stupid son of a b****.”
As you can expect, this created a lot of fodder for the Fox News talking heads.
A year go we were being told by the Federal Reserve that inflation would come and go.
Instead it came and got bigger by the end of the year.
And now with the stock market faltering the Federal Reserve is trapped. The choice it has is to lower rates to pump the market at the cost of more inflation or raise rates to stop the inflation boom, but let the stock market drop.