What Happened: Noted economist Peter Schiff recently expressed his concerns about the economy in 2024. He predicts that the Federal Reserve‘s efforts to restore price stability will backfire, leading to a recession and a resurgence of high inflation.
Schiff’s predictions, made on Tuesday, challenge the prevailing optimism among investors that the Fed has successfully averted a recession without triggering inflation.
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Why It Matters: In recent weeks, Schiff has consistently voiced his concerns over the Federal Reserve’s plans for interest rate cuts. He believes these cuts could lead to a potential inflationary impact, especially given the current weakening of the U.S. dollar.
Furthermore, Schiff has been skeptical about the perceived health of the U.S. economy. He has criticized the reported 4.9% third-quarter U.S. GDP growth as unsustainable, attributing it to debt and under-reported inflation rather than actual economic growth.
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Image and article originally from www.benzinga.com. Read the original article here.