{"id":1469366,"date":"2022-05-09T19:29:35","date_gmt":"2022-05-09T23:29:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1469366"},"modified":"2022-05-09T19:29:37","modified_gmt":"2022-05-09T23:29:37","slug":"inflation-worries-remain-near-record-highs-boding-poorly-for-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/inflation-worries-remain-near-record-highs-boding-poorly-for-economy\/","title":{"rendered":"Inflation Worries Remain Near Record Highs, Boding Poorly For Economy"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Finflation-worries-remain-near-record-highs-boding-poorly-for-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1469366&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/01\/8C36A07C-5EC9-4000-9157-317D3523A106_1_201_a.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Americans continue to be deeply worried about inflation and expect higher price levels in the long run, according to a survey from the Federal Reserve Bank of New York released Monday.<\/span><\/p>\n<p><span>The April 2022 <\/span><a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2022\/20220509\"><span>Survey of Consumer Expectations<\/span><\/a><span> revealed that inflation expectations at the one-year horizon fell from 6.6% to 6.3% in March, even as three-year horizon expectations rose from 3.7% to 3.9%. Both data series remain near their highs.<\/span><\/p>\n<p><span>Meanwhile, expectations for gas price increases over the next year fell from 9.6% to 5.2%. Americans expect 9.4% increases in food prices, 9.5% increases in medical care prices, 10.3% increases in rent prices, and 9.1% increases in the cost of college education.<\/span><\/p>\n<p><span>The survey was released as the key University of Michigan\u2019s Consumer Sentiment Index <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/UMCSENT\"><span>continues to plummet<\/span><\/a><span>. According to University of Florida economist Hector Sandoval, inflation <\/span><a href=\"https:\/\/news.ufl.edu\/2022\/05\/inflation-drives-april-consumer-sentiment-down\/\"><span>plays a major role<\/span><\/a><span> in Americans households\u2019 worries \u2014 thereby threatening to slow economic activity.<\/span><\/p>\n<p><span>\u201cCurrently, spending intentions have been trending downward over the last few months as inflation has risen consistently, reaching record levels and prompting the Fed to increase interest rates in the short run,\u201d Sandoval said in response to sentiment among Florida consumers dropping 4.4% in April.<\/span><\/p>\n<p><span>Indeed, the Federal Reserve <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\"><span>increased interest rates<\/span><\/a><span> by a half point last week to curb rising price levels \u2014 marking the largest rate hike since May 2000 and following a quarter point increase from near-zero levels two months ago.<\/span><\/p>\n<p><span>\u201cInflation is much too high,\u201d Fed Chairman Jerome Powell said at a news conference. \u201cWe understand the hardship it is causing, and we\u2019re moving expeditiously to bring it back down. We have both the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses.\u201d<\/span><\/p>\n<p><span>The rise in prices has outpaced nominal increases in pay, producing a nearly <\/span><a href=\"https:\/\/www.dailywire.com\/news\/real-wages-plummet-nearly-3-due-to-inflation\"><span>3% decline in real wages<\/span><\/a><span> \u2014 stretching Americans\u2019 budgets with respect to food, gas, housing, and other necessities. A <\/span><a href=\"https:\/\/www.dailywire.com\/news\/94-percent-of-americans-concerned-about-inflation-overwhelmingly-trust-republicans-to-handle-it-poll\"><span>recent poll<\/span><\/a><span> found that 94% of Americans were either \u201cupset\u201d or \u201cconcerned\u201d about the impact of skyrocketing inflation, while a slim 28% approved of President Joe Biden\u2019s approach toward managing price levels.<\/span><\/p>\n<p><span>Along with everyday consumers, experts predict that <\/span><a href=\"https:\/\/www.dailywire.com\/news\/experts-make-dire-warning-on-already-record-level-inflation\"><span>inflation will continue<\/span><\/a><span> to torment the United States economy.<\/span><\/p>\n<p><span>\u201cInflation, as we all know, when it gets in the system, it\u2019s very hard to get it out,\u201d billionaire investor David Rubenstein said on Fox News. \u201cIt takes a long time to get it out, can take a couple of years.\u201d<\/span><\/p>\n<p><span>\u201cSo now I don\u2019t think the inflation rate this year will be what it was last month or so. I don\u2019t think we\u2019re going to have 8% annualized rate of inflation, but I suspect something around 5% is probably not unlikely, maybe even 6%,\u201d he added.<\/span><\/p>\n<p><span>Milken Institute Chief Economist Bill Lee agreed, saying inflation would be \u201cwell over 3.5%\u201d for the next five years.<\/span><\/p>\n<p><span>\u201cOne of the things that we\u2019ve seen is that inflation has, you know, very direct impacts on Americans, on American families and American businesses,\u201d Director of the Congressional Budget Office Phillip Swagel told Fox News Digital. \u201cIt also has implications\u2026 for the budget. For American families, the high inflation that we\u2019ve seen the highest in decades has meant higher prices for food, for travel, for gasoline. It means that family incomes don\u2019t go as far. Family budgets are stretched.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans continue to be deeply worried about inflation and expect higher price levels in the long run, according to a survey from the Federal Reserve Bank of New York released<\/p>\n","protected":false},"author":99,"featured_media":1482182,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1469366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1469366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1469366"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1469366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1482182"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1469366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1469366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1469366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}