There is already a heated debate among economists over the rising inflation in the U.S. Amid the concerns over the spike in the prices of goods the Central bank appears unbothered. However, a recent poll reveals that about 3 out of 4 Americans are worried about the inflation.
Fear of Rising Inflation Causes Concern in The U.S.
Many U.S. citizens appear to be worried that the surging inflation in the U.S. may impact their purchasing power. While the central bank appears untroubled by this, certain economists have cautioned not to neglect the warning signs.
Lawrence Summers, the ex-Treasury Secretary discussed on “Wall Street Week” that it’s “plain wrong” to think that the inflation can’t hike up easily. With the recent relief package by the Biden administration and many businesses reopening as Covid-19 restrictions relaxes, many economists expect a rise in inflation.
However, Federal Reserve Chair Jerome Powell said he isn’t worried about the inflation and does not expect a persistent increase. Powell thinks the inflation is as a result of a one-time surge in spending and will be short-lived. This is coming amid Turkey’s prevailing inflation due to the Lira crash..
77% of Americans are Worried Over Rising Inflation
With the rising inflation, Americans are currently concerned as the prices of goods are starting to rise. A report shows that the term inflation is trending in the US. Manoj Pradhan, the former MD at Morgan Stanley believes that the inflation is just starting out and will intensify next year.
According to a recent poll conducted on 2600 U.S. citizens by Civicscience, 77% of Americans are concerned about the rising inflation. The result shows that millennials appear to be the most concerned while the baby boomers are the least bothered.
With the near 40% jump in the U.S. money supply, many investors have leaned into Bitcoin as a potential hedge. The fear of inflation may cause more people to run to cryptocurrency in search of safety.