Remember last year Prez Biden and his acolytes kept on promising that inflation was "transitory" and wouldn't be a problem in the new year.
Of course that was completely incorrect and now we're coping with an economic outlook with worsening inflation and overall economic peril.
A voice of reason and one of the strongest voices of economic sanity once presided over the Kansas City Fed and recently he shared an important insight and a glimpse at the financial future.
THOMAS HOENIG: "I think given the very strong demand, given the various cost of labor that's a supply shock, some of the trade issues, I think inflation is going to stay high. There's a lot of still excess consumption ability in the economy with these very high savings rates, so there's going to be a lot of demand. So, inflation is going to be high and the Federal Reserve is going to have to deal with that."
Did you read this closely . . .
Cynics might claim that means you're gonna have to empty out that bank account to survive or until things get better.
Read & watch more via www.TonysKansasCity.com news link . . .
As the Federal Reserve has a decision to make regarding their approach to record-high inflation, former Kansas City Federal Reserve president and CEO Thomas Hoenig predicted on " Mornings with Maria" that prices will remain high.