Inflation has now peaked says economist who called 9% CPI, but markets are way off – Steve Hanke kitconews gold silver metals economics finance investing mining
Headline CPI in the U.S. broke another 41-year record last week, coming in at 9.1%. The “greatest inflation we’ve had in 41 years” is likely as high as it’s going to get, according to Steve Hanke, professor of Applied Economics at Johns Hopkins University.
Hanke and Greenwood argued that an expansion of the money supply will inevitably lead to a rise in consumer prices at all levels. “Is this the peak? I would say, yes, probably pretty close to the peak. We said 9%, it’s 9.1%, that would suggest that a year ago we thought 9% was going to be about the peak. And now, where are we going from here?” he said. “It looks like we’re going to be 6% to 7% for the rest of this year and the next of next year, going into 2024.”
“We have a model, the Quantity Theory of Money, MV=PY, that’s how we get there. It’s a model that’s been around since the 16th century, and it worked like a charm,” he said.
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