July CPI release points to hyperinflation, not peak inflation at 5.4% - Todd Horwitz
(Kitco News) - July's consumer price index (CPI) data was released Wednesday, with headline CPI coming in at 5.4%, the same reading as June's. Todd Horwitz, chief market strategist at BubbaTrading.com, said that this is not the peak.
"I think it's going to get a lot higher. I think we're in a lot of trouble because of the policies of the Administration that's in power and of course, the Federal Reserve," Horwitz told David Lin, anchor for Kitco News.
Interest rates will have to rise as a result. In fact, they should already be much higher now, Horwitz said.
"I think we have a chance for hyperinflation and I think you'll see much higher inflation going forward unless they step up and allow these rates to be normalized and be where they should be, which is 4%, 5%," he said.
For Horwitz's views on gold and the stock market, watch the video above. Follow David Lin on Twitter: @davidlin_TV.