Patria Stodghill talks with vender Susan Mendoza while shopping at Eastern Market as the US struggles with rising inflation May 20, 2022, in Washington, DC.This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribewhich could be a gamechanger for the country.
Torsten Slok, chief economist at Apollo Global Management, highlighted wage inflation as a problem, citing a gauge developed by the New York Fed. "Wage inflation at 5% is not consistent with the Fed's 2% inflation target," he added. "The Fed will keep interest rates higher for longer.", Diane Swonk, chief economist at KPMG, said Bostic "has made clear is he NOT convinced inflation will fall rapidly enough to cut rapidly in 2024."
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