Former Kansas City Fed Honcho Shares Inflation & Interest Rate Concern

Right now . . .

Prez Biden & many Democratic Party loyalists are claiming victory over a temporary price offset thanks to U.S. strategic oil reserves.

Meanwhile . . . 

A more important economic challenge continues to impact Americans who might not REALLY understand the value of money in their wallets . . . 

Here's a quick passage to learn more:

"When I look at these numbers, people say it’s coming down, but core inflation stays up, that is still high," Former Kansas City Federal Reserve President and CEO Thomas Hoenig said, adding that "wages have gone up," which he called "a rising cost of production" and said it’s going to "cause prices to continue [going] up."

"We are in a situation where demand destruction is part of the issue because excess demand was created so substantially in 2021 by the Fed that now they have to make a rather harsh adjustment if they are going to get inflation back down anywhere close to the 2% level," he added.

Read more via www.TonysKansasCity.com link . . .

Inflation will be a 'major issue' for some time, Former Kansas City Fed president warns

Former Kansas City Federal Reserve President and CEO Thomas Hoenig warned that inflation will continue to be a "major issue" for some time. Hoenig provided the insight on " Mornings with Maria," Wednesday, following the release of data from the Labor Department showing that the pace of inflation slowed in July for the first time in months as prices remained near the highest level in four decades.