When asked whether record-high oil prices indicate an inflationary or recessionary economy, Macro Trends Advisors founding partner Mitch Roschelle argued it shows signs of both on "Mornings with Maria" Thursday, but warning the U.S. is currently facing an "inflation bomb."
DAGEN MCDOWELL: Watch oil, they're higher this morning; both Brent and West Texas Intermediate, kind of our US benchmark. Their reaction there to the International Energy Agency warning of the possibility of losing three million barrels a day of Russian crude starting in April. But Mitch, the increase in oil, is it inflationary or is it recessionary?
MITCH ROSCHELLE: You asked if it was recessionary or inflationary? I'm just going to go with, 'yes.' I think it's both. And when you couple the rise in oil and oil-related products and other commodity inflation because of what's going on in Russia and Ukraine, I think we have an inflation bomb.
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