NEW YORK, May 6 (Xinhua) — With the worst start for the stock market in 80-plus years, the highest inflation in 40-plus years, the largest single interest rate hike in 20-plus years, as well as the dimmest public view of the U.S. economy in 10-plus years, there is no surprise that a feeling of economic doom is going around in this country, CNN reported on Friday.
“And while he’ll cheer stronger-than-expected new job growth data released (on) Friday, there’s very little (U.S.) President Joe Biden or anyone else can do but sit back and watch like the rest of us,” said the report.
Energy prices are set by the OPEC, which isn’t increasing oil production to anybody’s liking quite yet; the interest rate hike announced on Wednesday by the Federal Reserve, which operates independently from the White House, will make it harder for home and car buyers and businesses to get access to cheap money, according to the report.
The Fed’s most recent rate hike of half a percentage point is large, which helped push stocks lower on Thursday, but the Fed could raise its rates to at least 3 percent by the end of the year to combat inflation, said the report.
“Higher rates could be good for savers” and “challenge the stock market,” which has “become accustomed to — if not addicted to — easy money,” added CNN, noting that a majority of U.S. adults in a new CNN poll said the president’s policies have hurt the economy, and 8 in 10 said the government isn’t doing enough to combat inflation.