while the central bank says it will wrap up its stimulus program, a bond buying, faster than originally announced. we are also closely monitoring the significant rise in covid-19 cases, it is sparking concerns over the fast spreading omicron variant. and we re learning four major that all four major vaccines are providing protection but less protection against the new strain. meantime, at least four more colleges and universities being added to the list now of schools that are shifting the final days of the fall semester to online learning, including final exams because of a rise in cases. and just more crazy weather, a record-setting day of unprecedented winds slam the midwest and the rockies. look at those pictures there from kansas. hurricane force winds barreling through nine states, more than a dozen tornadoes reported as well. including the first ever tornado in december, recorded in the state of minnesota. experts now warning the storms may be, quote, the new normal.
nightmare. sandra: no, it s the best. the inflation is hurt middle-class and lower income people. wages are raising. we are in an economic boom but the inflation. it s not beneficial anymore. folks are hurting and it s public enemy number 1. second point, i want the fed to be tougher and stronger. come on, fellows, where is your backbone? they should have ended the bond buying, the money creation now. right at this meeting. they should have done it 6 months ago. and get ready to start raising their short term rates targets next month. do it sequentially. the sooner i am not a killjoy
taper. the economy doesn t run too hot. they signaled as much earlier this month. but at this point the economy is very strong and inflationary pressures are high. it is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases, which we actually announced at the november meeting perhaps a few months sooner that means the fed will reduce bond buying faster than planned in march instead of june next year and the fed could raise interest rates next year. what the fed does, folks, has implications for everyone. markets are accustomed to easy money, sending stocks to record highs. this could be a head wind for investors. if the fed tightens too quickly, it could hurt the economy, even cause a recession. higher costs for credit cards, loans, mortgages, cars.
lincan. there s a generation of americans, a generation and a half who have never seen this big jump in consumer prices. it was before you and i were born. we can safely say this was the last time the prices went up this much was 1982. what s the significance, what s driving it, and what have we heard? reporter: this is broad-based inflation that goes just beyond the pandemic and supply chain concerns and slowing down. so when you look at the numbers it s not just food and gasoline prices that are going up significantly, but you see persistent increases in rent, in shelter, and that really is driving a lot of the concern here, and it s going to put even a bigger question to the fed chair jerome powell next week as to whether or not they taper bond-buying and they take more action to try to curb this kind of inflation, but the numbers are pretty remarkable if you look at beef prices. they re up 21% year over year,