Jun 28, 2023 | News

Stimulus Caused Inflation, We’ll Have Stagflation — Inflation Will Last Until 2025

Stimulus Caused Inflation, We'll Have Stagflation -- Inflation Will Last Until 2025

On Tuesday’s broadcast of “CNN This Morning,” Bank of America CEO Brian Moynihan responded to a question on how Bidenomics is working by stating that after all of the pandemic stimulus, “you now have a situation where inflation has to be fought” and that the bank has predicted a recession starting in the first part of 2024. Moynihan also stated that getting inflation down to the Fed’s target rate will take “all of this year and all of next year” and into 2025.

Co-host Poppy Harlow asked, “Do you think Bidenomics — this is the new term — is it working for most Americans?”

Moynihan responded, “I think, if you look, the U.S. has been fighting inflation. So, after the pandemic, the amount of fiscal stimulus and monetary stimulus, i.e. the money — the lower rates and the money that the government pushed out to offset the impact of the COVID-19 pandemic,…

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