Economy losing momentum to higher prices: John Lonski
Consumer prices rose 5.4% year-over-year in July
Delta variant slowing economy ‘to some degree’: Expert
Moody's Chief Economist John Lonski argues the U.S. economy has been ‘losing momentum’ amid the spread of the delta variant and mainly higher consumer prices.
Moody's chief economist John Lonski told FOX Business’ Stuart Varney on "Varney & Co." Wednesday that the U.S. economy has been "losing momentum" amid higher consumer prices.
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JOHN LONSKI: The economy, for some time, has been losing momentum to higher prices, higher consumer prices. We know that in the case of housing, unit sales of housing, new homes where they don't have that much of an inventory shortage, have been declining for some time as consumers bought at sky-high prices.
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We're going to start seeing a faster rate of growth for what's called the housing component of the CPI there. We're talking about implied rents and actual rents, and that's basically 33 to 40 percent of the CPI.
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How the delta variant may be slowing the economy
Moody's Chief Economist John Lonski discusses what the coronavirus surge means for the U.S. economy.