Inflation has continued to soar since President Joe Biden took office, and Trish Regan shared how we have to tackle the issue on her podcast.
Trish Regan said the latest Federal Reserve interest rate hike, one of several this year, will not be enough.
“Given, as I said, the world that we are in right now, given growing inflation, I can tell you this, I don’t think that the Federal Reserve’s 75 basis points will be enough, not at this point in time,” Trish Regan said on the podcast.
The latest inflation data shows that consumer prices have risen more than 8% in the last year.
Trish Regan pointed to the Jimmy Carter era inflation and how it was handled.
“You have only to look at what we had to do in the early 80’s to combat inflation with Paul Volcker raising rates, imagine this, the benchmark rate to 20%. We are nowhere near that.”
Trish Regan said the current Federal Reserve doesn’t have the confidence or political capital right now to do that kind of hike.
“I mean heck, they won’t even tell you if we are in a recession,” she said. “They are wondering if maybe we will still get one. As I’ve always said, by the time these guys figure it out, hopefully, we’ll be out of it.”