When a new financial report or new information is released to the general public, the outlook for the United States remains bleak.
The Bureau of Labor Statistics’ CPI report was released in mid-July, showing that the June numbers point to a record 9.1% year-over-year increase.
On July 27, the US Federal Reserve raised the federal funds rate by 75 percentage points to help cool the fiery inflation in the country.
Two days later, the Bureau of Economic Analysis (BEA) announced the highly anticipated Personal Spending Index data.
The index rose 6.8% in June, the highest gain in 12 months since January 1982.
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On the same day, the Kitco News Desk spoke to analyst John Cochrane, who said the US Federal Reserve is expected to raise interest rates by more than 9%.
Cochran said that neither the gold nor the bitcoin standard will hold back inflation.
According to an economist at Stanford University, the “main view” is that the Fed should raise interest rates “significantly above” the 9% range.
Cochrane believes that the Bitcoin protocol is passive and that Bitcoin (BTC) is “useless.”
Cochrane concludes that the ideal is for our governments to implement sound monetary and fiscal strategies and pay more attention to keeping inflation at bay.
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