US headed for inflation-driven recession: Fmr. Raymond James exec
Gas prices hit $4.374 Tuesday, highest ever according to AAA
Lane Generational founder and managing partner Fred Lane says the Biden administration is trying to compete against the American consumer.
The state of the market is sending "clear" signals that the U.S. is going into recession, former Raymond James Vice Chairman and Lane Generational founder and managing partner Fred Lane warned on "Mornings with Maria" Tuesday. Lane noted inflation's biggest contributor is the Biden administration's "misguided" energy policies, as gas prices hit a new record-high ahead of the president's address on the crisis.
MAJOR BANK WARNS GLOBAL RECESSION NOT AS FAR OFF AS IT SEEMS
FRED LANE: Our view, frankly, I think it's clear we're going into a recession. I think a lot of it's inflation driven. I think we've done a lot of damage to ourselves. I think our whole policies around energy have been misguided. I think the Strategic Petroleum Reserve, let's remember, we freed that up when oil was $30 a barrel less. Now, we're outcompeting, meaning the government's competing, buying back oil at a higher price, therefore reducing demand, essentially competing against the U.S. consumer. That hasn't been good.
Former Raymond James Vice Chairman and Lane Generational founder and managing partner Fred Lane says inflation is "clearly" not transitory, and more likely to lead to recession. (istock / iStock)
Likewise, we're exporting a lot of natural gas to Europe. Again, not good for the U.S. consumer in terms of pricing. So this I think this inflation, which at one point was actually called transitory, is clearly not transitory. It's clearly going to have legs.
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Lane Generational founder and managing partner Fred Lane argues cost and availability issues impact consumers and manufacturers.