Friday morning on The Tennessee Star Report, host Michael Patrick Leahy welcomed original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.
Read the full story
U.S. Sen. Chuck Grassley (R-IA) on Thursday grilled Treasury Secretary Janet Yellen on whether she still believes inflation is a positive for Americans and the economy.
During the Senate Finance Committee hearing on President Joe Biden’s $6.9 trillion budget proposal, Grassley also asked Yellen whether her boss has it in him to rise about politics and lead on shoring up a troubled Social Security system headed down the road to insolvency.
Read the full story
Top American economist Larry Summers is sounding the alarm on rising U.S. inflation, saying that it is ticking up quicker than he originally expected.
Inflation is increasingly a more concerning and larger threat as consumer prices continue to rise, former National Economic Council Director and Treasury Secretary Larry Summers told Axios on Monday. He also criticized the Federal Reserve’s policies, suggesting that its decision to keep interest rates low could harm the economy.
“Data are pointing more towards higher inflation than I expected, and sooner,” Summers told Axios. “With more inflation signs sooner than I would have expected.”
Read the full story
With the economy strong, wages rising and unemployment at a near-five-decade low, the Federal Reserve remains on track to keep raising interest rates – just not this week. After the Fed’s latest policy meeting, it’s expected to signal a healthy outlook for the economy but to hold off on any further credit tightening, most likely until December. A rate hike in December would mark the fourth this year. Further rate increases are expected in 2019, though just how many is a subject of speculation. On the eve of Congress’ midterm elections, the U.S. economy remains vigorous even in its 10th year of expansion – the second-longest such stretch on record. In deciding how fast or slowly to keep raising rates, the Fed will be monitoring the pace of growth, the job market’s strength and gauges of inflation for clues to how the economy may evolve in the coming months. The brisk pace of economic growth – a 3.5 percent annual rate in the July-September quarter, after a 4.2 percent rate in the previous quarter – has raised the risk that inflation could begin accelerating. In its most recent forecast, the Fed projected that it would raise rates three additional times…
Read the full story