Headline CPI climbed to 7% in December 2021, the highest level since 1982, according to data released Wednesday by the U.S. Bureau of Labor Statistics.
Steve Hanke, professor of applied economics at Johns Hopkins University told David Lin, anchor for Kitco News, that inflation will likely remain elevated until 2024, after which the Federal Reserve will have to focus on reducing the money supply.
Outlook 2022The global economy is still far from normal. Even as it continues to recover from the COVID-19 pandemic, 2022 will be a year filled with uncertainty. The Federal Reserve is on the cusp of tightening its monetary policy, however many economists and market analysts expect the U.S. central bank to remain well behind the inflation curve. This means real rates will remain low – a positive environment for gold. A slowing global economy also means that investors might have to navigate the rising risk of stagflation – but there is more than the gold story to be told. The green energy transition could create new opportunities for silver and PGM metals. Stay tuned to Kitco News to learn about what is in store for 2022.
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