Staple crops heavily influence consumer prices for everything from bread and pizza dough to meat and even soda. The Bloomberg Agriculture Spot Index—which tracks key farm products—soared the most in almost nine years.
Summers says inflation indicators ‘flashing red alarm’
Former Treasury Secretary Larry Summers said Wednesday that inflation indicators were “flashing red alarm,” renewing a critique of President Biden’s $1.9 trillion COVID-19 relief bill, which was signed into law last month.
U.S. inflation could hit 3% or 4% by the middle of 2022
David Roche, president of investment firm Independent Strategy, is among them. He told CNBC on Wednesday that the U.S. inflation rate, which stood at 2.6% in March from a year earlier, could rise much higher.
Summers says Fed should express more concern over inflation outlook
The Federal Reserve shouldn’t raise interest rates today but should at least start to express more concern about the inflation outlook, said former U.S. Treasury Secretary Larry Summers on Wednesday.