US inflation fresh at 8.3% in August, Peter Schiff says US ‘days of below 2% inflation are over’ – Economics Bitcoin News

On September 13, the US Bureau of Labor Statistics reported that the nation’s consumer price index (CPI) inflation rate rose 8.3 percent year-over-year in August. The cut was less than expected and market analysts believe the US Federal Reserve will continue to increase its aggressive pace.

US consumer prices rose at an 8.3% annual rate, according to the latest CPI report.

According to the latest calculations, US inflation for August is in. Published US Bureau of Labor Statistics. The Bureau of Labor Statistics wrote on Tuesday, “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after a change in July – the index for all goods increased over the past 12 months. Before seasonal adjustment, it was 8.3 percent.” .

“Economists had expected inflation to fall 0.1% in August and to slow to an 8% annual rate,” market strategists reported. Economist and gold bug Peter Schiff criticizes the US dollar and the country’s fiscal policy. “Again the market response [a] Higher than expected inflation is a mistake,” Schiff said He tweeted. on Tuesday. “Inflation is here to stay, and even if inflation rises, it will get worse, given more than a decade of inflationary monetary and fiscal policy. This is bullish for the dollar and gold,” Schiff added.

In a worse-than-expected inflation report, all four major Wall Street indexes (NYSE, Nasdaq, Dow Jones, S&P 500) slipped sharply after the Bureau of Labor Statistics reported on Tuesday. All five precious metals (gold, silver, palladium, platinum, rhodium) suffered losses against the US dollar in the 24-hour period, with gold down 1.47%. After posting some gains earlier in the day, the crypto economy lost 5.8% against the dollar on Tuesday. On the final day, bitcoin (BTC) shed 6 percent against the US dollar, while ethereum (ETH) fell 8 percent. analyst Peter Schiff of Gold Bug says CPI is a long way from the Fed’s 2% target, saying sub-2% inflation is a thing of the past and won’t return.

Meanwhile, Tuesday’s CPI data has investors believing the Fed will be aggressive when it raises the benchmark bank rate at its next meeting. Mark Hamrick, senior economic analyst at, thinks the August inflation report next week won’t do much to convince the Fed. Hamrick expects the U.S. central bank to keep rates on hold until inflation slows.

“They want to take in their benchmark size [economically] Restrictive territory and hold it there for a long time,” Hamrick said. “Waiting for what Chairman Jerome Powell said would be ‘strong evidence that inflation is slowing, that inflation will return to two percent’… We will be a long way from that destination.” Schiff thinks it’s foolish for people to expect 2% inflation to return, and the Golden Bug sincerely believes that the era of sub-2% inflation will always be a distant memory. Schiff posted on Twitter on Monday Stress:

The era of sub-2% inflation is over. There is no return to the abnormality that existed between the 2008 financial crisis and 2021. The inflationary chickens that the Fed unleashed with QE have finally come home to roost. The price hikes seen so far are just the beginning.

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2%, 2% Inflation, Analysts,, Benchmark Rate, Consumer Price Index, Consumers, CPI, Crypto Economy, Economist, Economist, Economy, Federal Reserve, Gold Bug, Inflation, Inflation, Inflation, Jerome Powell , Major Indices , Mark Hamrick , Market Strategists , Peter Schiff , Prices , Ratings , Schiff , Stocks , Fed , Urban Consumers , US Inflation , Wall Street

What do you think about the current inflation report? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about the disruptive protocols emerging today.

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