Prices are up 3.5 percent compared to last year, the biggest year-to-year increase in three years, the Commerce Department said Thursday. Much of this is attributable to gas prices thanks to the war in Iran. But even with fuel and food subtracted, inflation is still up by 3.2 percent, above the Federal Reserve’s 2 percent target.
Federal Reserve Chair Jerome Powell said Wednesday that cuts to interest rates are unlikely to happen for months thanks to the war. In contrast, last year, the Fed cut rates three times. Usually, the central bank prefers to keep rates unchanged, or it raises them to combat inflation.
All of this doesn’t bode well for the party in power. Trump and the GOP campaigned in 2024 on lower prices and against high inflation, but thanks to a war of choice and the president’s whimsical tariffs, the economic gains created by President Biden have been wiped out. Many voters who thought otherwise are now starting to open their eyes, and Republicans’ only hope might be blatant attempts to choose their own voters.
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