'People are unhappy': Fed official warns on high inflation
CNN
High inflation is making Americans unhappy, and the Federal Reserve must step up its campaign to get prices back under control, a top Fed official said Monday.
"This inflation we're seeing is very bad for low and moderate-income households," St. Louis Federal Reserve President James Bullard told CNBC. "Real wages are declining. People are unhappy. Consumer confidence is declining. This is not a good situation."
Bullard, who has been more worried about high inflation than some of his colleagues, noted the central bank has been caught off guard by the spike in prices.
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