With its meeting this week, the Federal Reserve raised its interest rates by as high as .75 percent – three quarters of a percentage point – in an effort to fight back against inflation. But the question is, what kind of effect will it really have?
Joel Griffith, an economic expert for the Heritage Foundation, explained to The Center Squad, “The Federal Reserve’s complicity in financing Congress’ outrageous spending spree of the past two years is largely to blame for the sky-high inflation, the new housing bubble, and rampant speculation [in] the financial markets.”
George Selgin, who serves as a financial expert for the Cato Institute, was more stern with his wording against the Reserve. “The fact that the Fed is now contemplating a large (75 basis point) rate hike is an unfortunate consequence of its having failed to start tightening gradually last fall, when numerous indicators suggested the need for it to do so. By delaying, the Fed allowed both actual and expected inflation to worsen. Like a driver who fails to apply the brakes as soon as an obstruction comes into sight, the Fed must now ‘slam the brakes’ on money growth, thereby subjecting the U.S. economy to a correspondingly more severe case of whiplash.”
Joining us now to discuss the potential hike is Devlyn Steele, who currently serves as director of education for Augusta Precious Metals.
Q&A:
- Do you believe Mr. Selgin is right in terms of the Federal Reserve waiting so long to do something on inflation? Should this have been done sooner to keep gas and housing prices down? Or was it inevitable?
- With the rate hike, do you believe inflation will become worse before it gets better? Could we see gas prices rise to even bigger highs as the summer goes on?
- How will this affect Americans, especially heading into what could be a potential recession in 2023?
- Is a rate hike the answer here? Or can the Federal Reserve and/or government do anything to stop inflation from growing at such a rapid rate? Or is it too little, too late?
- Would you say gold and silver are still very much in demand, even with what the federal tax hike could do? Would you say it’s still a worthwhile investment with what’s happening?
- Where may we get more information on acquiring tangible assets that may act as a hedge against inflation?
Answer: AugustaPreciousMetals.com. On a side note, former professional football player Joe Montana serves as one of our spokespersons.
- You can visit https://www.birchgold.com.
About Devlyn Steele:
Devlyn Steele began in 1983 as a financial analyst for Butler Aviation and went on to work for UPS and People’s Express Airlines. As his career has progressed, he’s been an analyst in various industries, from finance, manufacturing, and technology to venture capital and more. He has sat on the boards of several Silicon Valley and technology companies and still does.
He is a member of the Harvard School of Business analytics program and predicted the housing crash in 2008 and the rise in gold and silver that followed.
Devlyn is an avid investor in all markets: real estate, stocks, gold and silver, and cryptocurrencies, and is a gold bull.
Devlyn is the director of education for Augusta Precious Metals. His focus as an analyst is primarily on Federal Reserve policies that can affect the dollar and precious metals.
CONTACT: To schedule an interview with Devlyn Steele, email jerry.specialguests@gmail.com.
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