Fox News contributor Brian Brenberg tells Fox News Digital that an early celebration of a cooler-than-expected inflation report could end up being a 'killer' to Main Street.
Thursday that investors are anticipating a Fed rate hike pivot. The Dow Jones Industrial Average climbed more than 700 points; the S&P 500 jumped 3.3%; while the NASDAQ Composite surged more than 4.5%.
The Biden administration"has demonstrated at the outset that it didn't want to acknowledge the inflation problem," Fox News contributor Brian Brenberg told Fox News Digital. "You look at all the market response to this, these guys, all they want to see is the Fed say, ‘You know what, we're done tightening the screws,’" Brenberg said. "I think the market here is a lot of cheering going on right now. But I don't think that's indicative of the risk still to Main Street if inflation persists well into next year and beyond."
The economist expressed that the Fed is likely to stick with its plan to raise rates by 50-basis points in December, and claimed the "real" cause of inflation is a lack of supply in the market. "You've got to get productivity back up. You need supply chains back up, which means you need a lot more investment in that space and entrepreneurship in that space," Brenberg explained. "You can crush demand to get inflation down a few points, but to get it back down to 2%, a really, truly healthy economy, you've got to get the supply side of this economy going... That is the real fundamental issue that this economy has.
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