This is a ‘very bleak picture’ for most Americans: Gerry Baker

This is a 'very bleak picture' for most Americans: Gerry Baker

Wall Street Journal Editor-at-Large Gerry Baker discusses the current state of the U.S. economy ahead of the Federal Reserve’s interest rate announcement. #FoxNews

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I'm making more money now than I have Ever did in my life and I'm it's Paycheck to paycheck housing prices have Soared how are we going to pay off our Student loans how are we eventually Going to buy a house I think the state Of the country is really scary I would Agree I say prices of uh Everything all right well the Federal Reserve set to react to this morning's Inflation report at the top of the hour New CPI data shows inflation continuing To ease just slightly though it's still More than a point higher than the fed's 2% goal Fox News contributor and editor At large for the Wall Street Journal Jerry Baker joins me now Jerry take a Look at this um we compiled some of the Stats on the inflation for particular Sectors since pres President Biden the Day he took office so we're looking at Overall which we know we've talked about 19.3% but then we have food is up 21 Shelter also 21 energy 35 points and car Insurance up more than 50% It's not a Rosy picture no Julian you're Absolutely right and those are good Illustrations of real prices that people Actually have to pay rather than these Sort of sometimes sort of General Numbers that we get gets a gets a lot of Focus look this report that we had today Was mildly encouraging uh it came in Slightly better than people had been

Expecting but it's really important to Put it into perspective Jullian not only Exactly as you've said her price is Overall since Joe Biden came to office 20% higher than they were back then Inflation is slowing it's true it's come Down from its peak and when I say Inflation I mean the rate of price Increases prices are still going up Month after month after month on average Um price the rat of price inflation has Come down but at nearly 3 and a half% Jillian it's still as you said again Above above the Federal Reserves Target But it's also almost twice as high as it Was before Biden took office when President Trump was President the last Few months of his presidency inflation Was down below 2% so it's absolutely no Wonder as you heard from those people in The clip at the beginning of this uh Section segment Jillian that people are Are unhappy with the economy prices are Much higher than they were 3 years ago And they're still rising and what's more Most incomes have not really caught have Not have not caught uh caught up with Pace with that and with interest rates Still high they're suffering in terms of Student loans and other debt so it's Still a very very very Bleak picture for Most people so you couple cost of living With salaries that aren't going up as Quickly and you have Americans like we

Talked to in the Montage at the open of The segment who say they might be Earning more than they ever have but It's not making a difference to their Quality of life Jerry here's uh Jerome Powell setting the stage for the US Government's uh own report card take a Listen and we remain strongly committed To Bringing inflation back down to our 2% goal we'll have to do more in terms Of monetary policy to get back to 2% Because we will get back to 2% we Understand the hardship that high Inflation is causing and we remain Strongly committed to Bringing inflation Back down to our 2% goal I know I know You can't see into the future but if you Were going to sort of try and project And give me your best guess when could We be looking at two well uh somewhere Well we're going to find out a little Bit we're going to find out what the FED Thinks in the next hour they'll give us A sense of when they think inflation Will come back to two currently they Think it'll happen uh basically sometime Sometime next year what's really Interesting Jullian is what they'll do With interest rates now this report Today I think has raised very slightly The possibility that they will cut Interest rates this year not today Nobody expects any cutting interest Rates today and almost certainly not any

Cut next month in July but we could see A cut in September just before the Election by the way which might be quite Interesting some people will wonder About the timing of that but even so It's still really important to remember Again then Julian that even if they cut By you know 25 basis points as they say A quarter of a point that will mean Rates will still be 5% interest rates Will still be 5% again when when when President Biden took office they were They were below 2% they were uh rates Were and you know again all those Interest rates that flow from that on Housing and student debt and car loans Were way way lower than they are so Again it's the same story with inflation While inflation is better than it was a Year ago and is coming down um it's Still nowhere near where it was when President Biden took office and while Interest rates may come down they are Still way way above where they were when President Biden took office so it sounds Like we're looking at you know weeks to Months to get to where the FED has Wanted to be for some time now September Is only 3 months from now a little bit Of hope there we'll be watching at the Top of the hour to see when the decision Comes down uh thanks so much Jerry thank You Julian I'm Steve duy I'm Brian kilme And I'm Angley aart and click here to

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