you putting it in plain english. for sure. transitory one of the worst reads on this of the year. for more on this report, we are joined by political commentator catherine rampel. big picture here, i wonder. some of this is policy. you ll hear from republicans, or even joe manchin, they ll talk about the big inject of money from the covid relief plan. but some of it is structural. this is a global supply chain crisis. this is a global reaction to the slowdown during the pandemic. and things are heating up again. in your view, how much of this is on the president, how much of this is on the markets? i will state the same line i always give when i am asked about how much the president controls the economy, he gets too much credit when the economy is good, too much blame when the economy is bad. that s the case for inflation here as well. look, it is not that policymak makes no difference here. they have been expansionary, pushing up demand, pushing up
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economy remains tethered to the pandemic. it slowed growth and juiced up inflation, so i think there s reasonable concern, but today was a pretty thin trading day, so news like this gets amplified by the thin trading. it s also important to realize the stock market has gone a long way over the past couple years, at record levels, so anything could set it off. i wouldn t jump to too strong of a conclusion here, but investors are attacking some probability to the possibility this becomes a problem for the economy again. catherine, should we expect this terr moil to go on for a while? i think it will depend on what the science shows about the contagiousness of this variant and the deadliness of this variant. that was the real concern with delta, that it was much more transmissible that is earlier version of coronavirus and therefore brought a lot more
record amount last month, up 6.6% between may 2020 and may 2021. so why is this happening? the general belief is that as the pandemic ends demand for goods is accelerating so fast that supply chains can t keep up which in turn is causing prices to spike. investors are feeling the fear. the dow just had its worst week since late january. joining me now is cnn economics and political commentator catherine rampel. catherine is also a the washington post opinion columnist. great to see you, nice to have you on. last month you wrote this op-ed with the headline, don t freak out about inflation yet. how about now? i would say i wouldn t freak out yet even now. the fed has argued, i think fairly convincingly, that they expect these sources of inflation to be transitory, temporary, exactly as you laid out. basically the economy is
more space. so there are reasons to think this is not just, you know, a bubble, that this is not just about people getting too excited about the market, that there are real dynamics at play here. okay, catherine, thanks as always for your insight. and in another sign life is starting to return to normal the eu is now lifting covid travel restricts making it much easier for americans to vacation in europe. with visible, you get unlimited data for as little as $25 a month. but when you bring a friend, you get a month for $5. so i m bringing everyone within 12 degrees of me. bam, 12 months of $5 wireless. visible. wireless that gets better with friends. psoriatic arthritis, made my joints stiff, swollen, painful. tremfya® is approved to help reduce joint symptoms
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