Well, it has been a cringe-worthy year+ under President Biden. West Texas Intermediate Crude futures price is up 91% and the Commodity Research Bureau Foodstuffs index is up 47%. Talk about Biden’s energy folicies being passed through to American households in the form of higher food costs and energy prices!
And then we have mortgage rates. Bankrate’s 30Y mortgage rate is up to almost 4%, up 39% since the beginning of 2021.
Other central banks are raising rates like banshees on the moor, while The Federal Reserve continues to send conflicting signals about possible March rate hikes.
Goldman Sachs sees 7 rate hikes in 2022, culminating in an eventual 2% rate in December.
Fed Funds Futures are signalling 7 rates increases by the February 1, 2023 meeting.
It’s just like Biden to blame COVID for reckless Federal monetary and fiscal policies that overloaded the system.