U.S. Sen. Eric Schmitt on inflation

U.S. Sen. Eric Schmitt, R-Missouri, says Federal Reserve Board officials should stop raising interest rates to get the nation down to a 2% inflation rate, the long-desired goal of Fed chairman Jerome Powell.

In a visit to Southeast Missourian offices last week, the freshman legislator said the way to address consumer prices is not through continued Fed action.

"Inflation has been created by two things: the Biden Administration's war on domestic energy production and runaway (federal spending," said Schmitt, 48.

"Here's the problem: People buying homes now are paying twice as much in mortgage payments for an average home than if they had purchased that residence five years ago. These decisions are all working against middle-class and working families in this state. Bottom line is we've got to unleash domestic energy production and control spending. That's the way to address inflation, not on the back end with the Fed."

Of note

The latest Consumer Price Index, a measure of goods and services prices across the U.S., shows inflation ticked up to 3.2% in July from June's 3% level.

Core inflation, which excludes more volatile food and energy categories, ticked down a tenth of a percentage point last month to 4.7%.

"My God, that's incredible. There's absolutely no question core inflation has turned the corner faster than anticipated," former Federal Reserve governor Laurence Meyer told MSN News.

Federal Reserve officials meet again in September amid speculation the board may pass on another rate hike.

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