Economist Peter Schiff issued warnings about America’s economic trajectory during Wednesday’s Federal Reserve meeting, predicting the central bank’s decade-long policies will trigger an unavoidable crisis worse than 2008.
What Happened: The Federal Open Market Committee kept interest rates unchanged at 4.25%-4.50% for the fourth consecutive meeting, while projecting two rate cuts in 2025. However, Schiff told Fox Business that Fed Chair Jerome Powell “basically admitted that they have no idea what’s going to happen.”
The Fed’s updated projections show Personal Consumption Expenditures inflation rising to 3.0% in 2025, up from March’s 2.7% forecast, while real GDP growth was downgraded to 1.4% from 1.7%. Unemployment is expected to reach 4.5% in 2025.
Schiff argued these forecasts dramatically underestimate the severity …