Main navigation

Crypto Critic Peter Schiff Reacts to CPI Data: 'Fed Lost'

Thu, 08/10/2023 - 16:15
article image
Gamza Khanzadaev
Bitcoin skeptic Peter Schiff makes epic claim following CPI and inflation data release
Crypto Critic Peter Schiff Reacts to CPI Data: 'Fed Lost'
Cover image via
Read U.TODAY on
Google News

Renowned financial analyst Peter Schiff has cast a critical eye on the latest U.S. inflation figures, suggesting that the Federal Reserve's battle against rising prices is faltering.

The recently released data for July revealed a year-on-year inflation rate of 3.2%, accompanied by a monthly increase of 0.2%. Despite the growth in these indicators, which nevertheless fell short of market expectations set at 3.3%, Schiff contends that the central bank's efforts are in vain.

US Fed Reacts to PayPal Stablecoin PYUSD With Warning and Restrictions

Schiff, a well-known skeptic of the crypto market and a vocal critic of Bitcoin, asserts that the situation is far from under control. Dismissing the narrative propagated by the financial media, he claims that the reported numbers do not signify a victory for the Fed in its war against inflation. According to Schiff, the core inflation rate is nearing its lowest point, while the headline figure is poised to surge, driven by soaring oil prices. In his view, the Fed's inability to curb inflationary pressures is already apparent.

As the U.S. stock market opens today, major indices have witnessed a positive trajectory in the aftermath of the inflation data release. Prices have risen in line with expectations, though not dramatically. This reassuring trend has breathed new life into the market, sparking renewed "risk appetite" among buyers.

Bitcoin Hater Peter Schiff Grills Michael Saylor With Epic Question

In stark contrast, Bitcoin, a digital asset consistently maligned by Schiff, has displayed a contrary performance, trading down by 0.4% from its opening price.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.