And while the Fed has responded with the first of many planned interest rate hikes, it looks as though the inflation picture is only going to get worse in the immediate future.įor over a year now, Summers - a former U.S. An Omicron wave hit China, leading to huge lockdowns affecting global supply chains. Then the Russian invasion of Ukraine sent global commodity markets into a tailspin and energy prices to record highs.

But there was still a hopeful story you could tell about 2022: As the Covid pandemic eased, spending patterns would normalize, supply chains would strengthen, the labor market would stabilize, and inflation would ease. But the rest of it is no longer in question: We’re currently experiencing the worst inflationary crisis in decades.Īnnual inflation was already at its highest rate in decades in January of this year. A year later, the debate still rages over the first part of that sentence - the extent to which the American Rescue Plan is responsible for rising prices. “There is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation,” wrote Larry Summers in February 2021. Transcripts of each episode will be made available by the next workday. Want more from The Daily? For one big idea on the news each week from our team, subscribe to our newsletter.įor more information on today’s episode, visit /thedaily. * The surprisingly fair congressional map defies the expectations of many analysts - and it is something of an accident. If you would like to share their name on the episode, please RECORD A VOICE MEMO and send it to us at You can find more information and specific instructions here.

Have you lost a loved one during the pandemic? The Daily is working on a special episode memorializing those we have lost to the coronavirus. Guest: Nate Cohn, a domestic correspondent for The Upshot at The New York Times. is perhaps more evenly split than at any time in the past 50 years. In the past, Republicans have been able to secure what some see as an unfair political advantage by gerrymandering political districts.īut after the recent redrawing of zones, the congressional map across the U.S.

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