The recently released July data shows a year-on-year inflation rate of three.2%, with a month-to-month increase of 0.2%. Regardless of the expansion in these measures, which fell short of market estimates of 3.3%, Schiff thinks that the central bank’s efforts are futile.
Schiff, a well-known skeptic of the crypto sector and an outspoken critic of Bitcoin, claims that the situation is far from manageable. He dismisses the narrative promoted by the financial media, claiming that the published data do not represent a success for the Fed in its struggle against inflation. According to Schiff, the core inflation rate is approaching its lowest point, although the headline rate is expected to rise due to rising oil prices. In his opinion, the Fed’s inability to control inflationary pressures is already evident.
As the U.S. stock market begins today, major indices have seen a positive trajectory in the aftermath of the inflation data release. Costs have increased in line with forecasts, but not drastically. This reassuring trend has given the market fresh vitality, fueling a renewed “danger urge for food” among consumers.