The Fed's Forecast on Inflation Isn't Any Clearer Now Than It Was Back in 2012

A year ago, before the Fed even started raising interest rates for the first time, they were projecting that the Fed funds rate in February of 2023 would only be about 1%. Instead, it's almost 5%, so they were way off in their forecast on where rates would be. And again, as I said, we may very well end up in another financial crisis given how much rates have already increased.

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