It turns out that the White House and the Federal Reserve got the classic Marx Bros. joke: “Who are you going to believe? Me or your own eyes?”
The Biden administration finally admitted that rapid inflation is here and that there will be several more months of these inflationary spikes.
“We will have several more months of rapid inflation,” Treasury Secretary Janet Yellen said. “So I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels. But, of course, we have to keep a careful eye on it.”
The remarks come after the U.S. annual inflation rate surged to a 13-year high of 5.4 percent in June, while producer prices advanced to 7.3 percent last month.
Remember when the Washington power brokers denied that inflation was even a possibility?
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