Thanksgiving — a day where American families and friends will soon gather to feast on popular dishes from turkey to stuffing and all sorts of side dishes is just around the corner. But this year, Americans will be bracing to cough up a pretty hefty price tag for that Thanksgiving meal as a result of painfully sky-high inflation.
Treasury Secretary Janet Yellen struck a hopeful tone in the Federal Reserve achieving a soft landing, saying the Central Banks will need some “luck” and “some skills,” but warned that a looming recession will be a “risk” for the Biden administration in the upcoming months.
Stocks sell-off intensified Monday, notching a four-day losing streak with the S&P 500 tumbling into bear market territory as soaring inflation slammed market sentiment over fears recession is looming ahead of this week’s Federal Reserve key FOMC meeting.
President Biden snapped at NBC News Lester Holt, calling the TV anchor a “wise guy” when he questioned him inaccurately defined inflation to be temporary, but instead, it has surged to a new brutal 40-year high with no sign of easing down anytime soon.
Inflation continues to run red-hot in January, with consumer prices notching another fresh four-decade high — indicating no sign of easing anytime soon and cementing the Federal Reserve’s prospects of aggressively raising interest rate hikes next month to combat the inflationary pressure hurting Americans.
In a hot-mic moment, President Biden on Monday called Fox News reporter Peter Doocy a “stupid son of a bitch” in response to his question about soaring inflation.