'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.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.