Fed’s Inflation Nowcasting Data Shows Future CPI Increases, US Gross National Debt Hits $31 Trillion – Economics Bitcoin News

A recently released forecast from the Federal Reserve Bank of Cleveland’s Inflation Forecast data suggests that the upcoming US consumer price indexes (CPI) are likely to pick up. The new predicted CPI level was recorded the same day the total US national debt exceeded $31 trillion on October 4, as the country’s growing debt continued to grow rapidly.

Fed’s forecast report suggests inflation may not peak yet, September and October core CPI forecast to rise 0.5%

The US central bank may not be too concerned about slowing rate hikes if inflation continues to rise despite Fragments The Federal Reserve has received a decision to raise the benchmark lending rate. Data from the most recent Inflation Forecasts report indicates that the CPI for September and October will be higher than expected. Forecasting in economics is like forecasting a weather forecaster’s weather because economic indicators use three times (present, very near future, very near past) to predict the outcome in the future. future.

The Cleveland-based District 4 branch of the US Federal Reserve System uses immediate forecasting to predict future inflation rates and recent update uncomfortable. The report estimates a 0.3% month-on-month increase in September and a 0.7% increase in October. The Cleveland Fed’s Inflation Forecast Report also suggests core CPI will rise 0.5% in both. month. Of course, the Inflation Forecast report is merely a prediction and like the local weather forecaster, the current forecast can be right most of the time and the indicator can also be wrong sometimes.

Fed's Inflation Forecast Data Show CPI Rise Going Forward, US Total National Debt Reaches $31 Trillion
The Cleveland Fed’s Inflation Forecast Report was updated on October 4, 2022.

Americans won’t hear about the September CPI report from the US Bureau of Labor Statistics until October 13. While the Fed’s target is 2%, the August inflation rate report showed CPI. still hot 8.3%. Alternative inflation rate statistics published on September 13 by says CPI is above 10%. The Deflation control panel shows that the CPI data for October 3, 2022, compared to the same period last year, is 8.67%. While data shows an all-time high, Tru inflation statistics suggest inflation may have peaked at 11.93% on March 11, 2022.

US officials and the country’s central bankers have blamed the nation’s soaring inflation on things like the Covid-19 pandemic, supply chain shocks, and the ongoing Ukraine-Russia war out. Some economists blame the US government and the Fed for stimulus and spending in the wake of the pandemic. While the Federal Reserve has increased the money supply over the past few years like no other time in history, the US government has spent thousands of billions of dollars for infrastructure package and foreign aid. Furthermore, on Tuesday, October 4, 2022, the total national debt of the United States surpassed $31 trillion.

The New York Times (NYT) report that the national debt topped the threshold was revealed in a report by the US Treasury Department. The NYT report quoted Michael A. Peterson, executive director of the Peter G. Peterson Foundation, as saying that higher interest rates could increase government spending. According to estimates by the Peterson Foundation, a higher rate could result in an extra trillion dollars over what the US government would spend on interest payments over ten years.

“A lot of our concerns about our growing debt path started to manifest as we both raised our debt and raised interest rates,” Peterson said. “Too many people are complacent about our debt path in part because interest rates are so low.”

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What do you think of the Cleveland Fed’s Inflation Forecast and the national debt skyrocketing to $31 trillion on October 4? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source, 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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