Richmond Fed President Jeffrey Lacker said on Monday "We need to be careful that we don't let inflation overshoot, Change in the policy stance before the end of the year is certainly conceivable in my mind." He went on to say "We've got to keep a really vigilant eye on inflation prospects right now. This is the time in expansions when the risk of inflation taking a quantum step up I think are greatest," he said.
U.S. consumer prices jumped 2.7 percent in the year to March, but rose only 1.2 percent outside the energy and food sector. Lacker said keeping inflation in check is the ultimate goal. Does anyone realize one of the main culprits in the inflation spike in the energy sector of the economy is Obamanomics? President Obama's energy policy is destroying our energy competitiveness world wide. His policies are putting us very far behind in developing new oil supplies and energy reserves. It will take years to undo the damage Obama's energy policies have wrought. President Obama's moratorium on drilling has a big part in the rising cost of oil. His policy in Libya has been a cause as well. His Energy Secretary has said he wants $5 a gallon gas. Sec. Chu said America needs European prices on gas, so we will use less. Well President Obama and Secretary Chu have brought us $5 a gallon gas, and this in turn is now causing a spike in the inflation rate of nearly 3% so far this year. This is causing many Americans to have trouble making it financially. All thanks to an intentional government manipulation of energy policies to create $5 a gallon gas.
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