The Biden economy just got worse. A top executive at Bank of America believes inflation will reach 8% this year.
We reported recently that Inflation was a major concern in the markets today:
Then we heard Treasury Secretary Yellen say inflation may be a good thing:
Then we reported that inflation had hit:
This all was reported in June.
Then today US core inflation jumped to 3.9% in May, up 3.4% over the past 2 months.
JUST IN – US core price inflation climbs to 3.9% in May, up 3.4% over the past 12 months. The largest annual increase since 1992.
— Disclose.tv (@disclosetv) June 25, 2021
And also today a Bank of America report warns its readers about inflation:
A new Bank of America report predicts consumer prices will continue to soar for up to four years, as the Federal Reserve‘s preferred measure of inflation hits its highest level in three decades.
In a note on Friday, BofA’s top strategist Michael Hartnett predicted inflation will remain in the 2-4 percent range over the next two to four years.
U.S. inflation has averaged 3 percent in the past 100 years, 2 percent in the 2010s, and 1 percent in 2020, but will annualize at 8 percent in 2021, Bofa predicted in the note.
Included are the FED’s reports on inflation. One chart shows the drastic change in the economy for the worse once the Biden Administration started spending like drunken sailors. (Apologies to drunken sailors.)