"It's not so easy to raise interest rates to fight inflation when public and private data is high, when the stock market is high, when housing prices are high, when the economy is still weak," Rogoff told Fox Business' Maria Bartiromo. "It takes a lot of stomach."
Rogoff predicted that since policymakers at the Federal Reserve have to balance the need to prevent runaway inflation by raising interest rates while at the same time avoiding a recession, they will presumably be "cautious" and will not drastically raise rates. This is why "we'll still have inflation in 2023," Rogoff announced.
WELP, CLIMATE WARRIORS HAVE THEIR NEXT TARGET PICKED OUT...
Inflation has skyrocketed from 1.4% to 7% since President Joe Biden took office last year and, if Rogoff is correct in his prediction, will control his tenure in office.
A CBS poll issued Sunday discovered that almost 50% of voters described themselves as "disappointed" with Biden's presidency and 40% described themselves as "nervous." Just 25% announced they were "calm" or "satisfied."
TENSIONS BOIL OVER AS PRO-PALESTINE PROTESTERS ARE ARRESTED OUTSIDE TOP DEM LEADER'S HOME
There were 58% claiming that the Biden Administration was not paying enough attention to the economy as a whole, and 65% said the Administration was not paying enough attention to inflation.
TRUMP POINTS (MIDDLE) FINGER AT BIDEN AS PRO-HAMAS DEMONSTRATIONS DESTROY THE IVY'S
TAXPAYER DOLLARS AT WORK: OUTRAGE OVER UC BERKELEY'S TAYLOR SWIFT MARKETING CLASS
Rogoff thinks the Fed takes its 2% inflation target "seriously," though says, "I think the question is: How much are they going to have to step on the brakes to really slow inflation down?"
Many progressive economists are now pressing policymakers to focus on addressing price levels. Larry Summers — who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama — cautioned in an interview last week that the United States is moving toward "higher entrenched inflation."
DENVER MIGRANT ADVOCATES UNGRATEFULLY DECLARE WE SUCK AT TAKING CARE OF ILLEGALS...
"I think the data flow is saying what I've thought for quite some time that, yes, there are transitory elements in inflation, and very likely they will recede, but we are basically moving towards higher entrenched inflation," Summers announced. "It's there in expectations, it's there in wages, it's there in labor shortages, it's there in the pervasive pattern across many different prices."
WATCH: SENATOR FETTERMAN SLAMS DEMOCRATS OVER 'CRAZY' RESPONSE TO IRAN'S ATTACKS ON ISRAEL
"And people try to excuse it by picking this figure and that figure from month to month, but we've got an overheated economy, and the Fed's gonna have a very real challenge of cooling that economy off and doing it in a controlled way," he went on. "That has not been done very successfully in the past. So it's going to be a very challenging year for macroeconomic policy."
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
