Wall Street Veteran Jim Grant: High Inflation is Here to Stay, Fed Rate Cuts Not Coming Anytime Soon
• Wall Street guru Jim Grant said inflation is "permanent" and consumers will never regain lost purchasing power • Grant expects Fed Chair Powell to be cautious about cutting rates soon, wanting more proof inflation is falling towards 2% target • Grant says the Fed was wrong to call inflation "transitory" in 2021 as high inflation continued, hitting 9.1% in June 2022 • To control inflation, the Fed has raised rates 11 times since March 2022 to dampen spending and slow price rises • Grant expects the Fed's next rate cut to be "later than the market is hoping," coming only after clear evidence inflation is declining