The post Peter Schiff Warns US Recession & Inflation Spike Ahead appeared on BitcoinEthereumNews.com.

Peter Schiff, known for his anti-Bitcoin stance, has issued a stark warning saying that the United States has entered a recession. He also predicts a looming spike in inflation, which could impact the Federal Reserve’s rate-cut decisions. This comes amid recent job data that has increased expectations for a significant rate cut by the Fed. Peter Schiff Issues Warning On US Economy Peter Schiff recently took to social media to highlight concerning economic trends. He pointed out that only 114,000 US jobs were added in July, the smallest increase since December 2020. This figure falls well short of the expected 175,000 and represents a sharp decline from June’s revised 179,000 jobs. Furthermore, the unemployment rate rose to 4.3%, the highest since October 2021. Schiff expressed his concerns about the current economic situation, stating, “The recession has arrived. Inflation will soon spike.” In addition, he also criticized the measurement methods for inflation and unemployment, suggesting that the Misery Index, a combination of both, is higher now than in most of the 1970s. “Bidenomics is an utter disaster. Too bad the media doesn’t report it,” he added. Meanwhile, the dismal job data has led to increased speculation about the Federal Reserve’s next move. Some investors are now betting on a 50 basis points rate cut in September, up from the previously expected 25 basis points. A user on social media echoed this sentiment, arguing that the Fed is behind the curve and should consider more aggressive cuts. However, in response, Schiff warned that while rate cuts might spark higher inflation, they won’t necessarily help the economy or job market. His comments underscore the delicate balancing act the Fed faces as it navigates these economic challenges. Also Read: Coinbase CEO Hints At S&P 500 Style Crypto Index Fund Launch Potential Impact On Crypto…

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Filed under: News - @ August 3, 2024 9:14 am