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BOA Experts Say Bidenflation Could Last For Years

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I’m sure Joe will be laser focused on fixing it, right?

Bank of America says the ‘inflation genie is out of the bottle’ and it could take years for it to go down again

In case anyone thought that sky-high inflation would be easy to control this year, Bank of America has some bad news for you.

“The inflation genie is out of the bottle,” researchers at the bank wrote in a Wednesday research note, adding that it could be a long time before it goes back to normal.

The team of analysts, led by Athanasios Vamvakidis, studied cases of inflation in advanced economies above 5% from the 1980s to 2000s. They found that on average it took 10 years to bring inflation down to 2%.

“The consensus still expects G10 inflation to drop to 2% by 2024, but we are concerned it could take longer,” analysts wrote.

They added that with formidable rates around the world—the U.S. year-over-year inflation rate is at 8.3%, while the UK’s is at 9.9%— central banks around the world are “not in full control” of inflation, and wrote that policy tightening has its limits.

I’m sure Joe and the Democrats will pass legislation that will totally help the situation, right? Or, they could let in more migrants who deflate earnings while the cost of living goes up

The analysts did not give an exact timeline for when they believed U.S. inflation could be brought under control. But out of the two possible scenarios—either positive a “soft landing” for the economy if interest rates go down, or a negative “hard landing” if they continue to increase and the Fed is forced to continue to raise rates—the researchers offered an ominous prediction.

“Our baseline is the positive scenario, but risks for the negative scenario are increasing, in our view,” the team wrote, adding that the rest of the year’s inflation data would help them decide which scenario would unfold.

I don’t want to hear any Biden voters, nor the “Republicans” who were Never Trumpers, complain. This is on you.

Oh, and the Democrats, along with some idiot Republicans, are not helping

(AP) In a major action to address climate change, the Senate on Wednesday ratified an international agreement that compels the United States and other countries to limit use of hydrofluorocarbons, highly potent greenhouse gases commonly used in refrigeration and air conditioning that are far more powerful than carbon dioxide.

The so-called Kigali Amendment to the 1987 Montreal Protocol on ozone pollution requires participating nations to phase down production and use of hydrofluorocarbons, also known as HFCs, by 85% over the next 14 years, as part of a global phaseout intended to slow climate change.

The Senate approved the treaty, 69-27, above the two-thirds margin required for ratification.

In normal times, this wouldn’t be a problem, but, now, this will significantly raise the cost of air conditioning and anything remotely involved.

The post BOA Experts Say Bidenflation Could Last For Years appeared first on Pirate’s Cove.



Source: https://www.thepiratescove.us/2022/09/22/boa-experts-say-bidenflation-could-last-for-years/


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