A former Obama administration adviser said on Thursday that soaring inflation is in part due to continued public spending of large amounts of COVID-19 stimulus, stating that the Biden administration is not entirely to blame.
Steven Rattner, who served as an adviser to the Secretary of the Treasury under the Obama administration made the comments during an interview on MSNBC’s “Morning Joe,” where he also said he expects interest rates to remain high “for the foreseeable future.”
“I think we’re going to have higher rates for the foreseeable future, but the economy itself is actually doing okay,” Rattner said, while noting that the Federal Reserve’s moves to raise interest rates by 75 basis points are “extremely large by Fed standards.”…