Former National Economic Council Director and The Lindsey Group CEO Larry Lindsey joined "Mornings with Maria," Wednesday, arguing that there’s "no chance" of inflation decelerating and discussed his outlook for the economy in 2022.
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LARRY LINDSEY: We now have inflation embedded into the labor market. We have a classic wage-price spiral in all of history in the US anyway. There is never an example of getting inflation to this level, embedded in the labor market and it ending without recession… I don't think we're going to have a recession this year. Slower growth, maybe. So I don't think there's any chance at all decelerating inflation.
So until you get the overnight interest rate up somewhere close to at least the prevailing inflation rate, you're really not going to make a dent in inflation… We're going to continue to have inflation this year, probably at or maybe even a little above what last year's pace was.
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