Deutsche Bank: Biden Policies are Driving U.S. Towards Worst Inflation in History

Deutsche Bank released a strong report on Tuesday blasting Joe Biden’s increased government spending and relaxed monetary policy which are driving the United States toward one of its worst periods of inflation in history.

“Despite the shift in priorities, central bankers must still prioritize inflation,” the Deutsche Bank report says. “Indeed, history has shown that the social costs of significantly higher inflation and greatly expanded debt servicing obligations make it hard, if not impossible to reach the social goals that the new US administration (among others) is keen to achieve. We fear that the vulnerable and disadvantaged will be hit first and hardest by mistakes in policy.”

“We are witnessing the most important shift in global macro policy since the Reagan/Volcker axis 40 years ago. Fiscal injections are now ‘off the charts’ at the same time as the Fed’s modus operandi has shifted to tolerate higher inflation. Never before have we seen such coordinated expansionary fiscal and monetary policy. This will continue as output moves above potential. This is why this time is different for inflation,” the report said. “The effects could be devastating, particularly for the most vulnerable in society.”

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