Schiff Predicts Fed Must Hike 200 Basis Points to Combat Inflation

What was said

"The Fed is so far behind the curve, it can't even see the curve. It's not enough for the Fed to just not cut rates. They need to hike rates. And a quarter point, a half a point, that's too little too late. We need dramatic increases, maybe 200 basis points. The Fed would still be behind the curve, but that might be a decent start."

Peter Schiff argued that despite market expectations of Fed rate cuts, inflation data demands the opposite: dramatic rate hikes of 200 basis points or more. He stated the Fed is now so far behind the inflation curve that modest quarter-point adjustments would be insufficient to address surging producer and consumer prices.