President Joe Biden continues to applaud the drops in petrol prices while disregarding their enormous climb during his administration. Nevertheless, despite his upbeat remarks regarding the price of gas, the situation is now so dire that even CNN staff members are beginning to acknowledge that inflation appears to be a long-term issue, regardless of what the Fed decides to do at the moment.

Richard Quest said “You’re going to see inflation continue to rise for the foreseeable future. It might slow down a bit, but prices are going to continue to rise, for the foreseeable future. That is going to happen.”

Quest then went on to explain why he believed that will occur, pointing out specific global and industrial variables that will maintain short-term inflation.

The Federal Reserve is raising interest rates in 0.75 percent increments, he said, adding that while these rate rises are essential, the entire drama must unfold over the course of the ensuing year in order to be successful.

Although less ominous, Quest’s remarks are comparable to those of the president and chief executive officer of the Minneapolis Federal Reserve Bank.

“It’s very concerning. We keep getting inflation readings, new data that comes in as recently as this past week, and we keep getting surprised. It’s higher than we expected.

“And it’s not just a few categories. It’s spreading out more broadly across the economy and that’s why the Federal Reserve is acting with such urgency to get it under control and bring it back down.”

Inflation, which is proving to be a significant albatross around President Joe Biden’s neck, is something that Team Biden definitely wants to leave behind. Their capacity to do so, though, is in doubt because the issue is one that persists and isn’t currently showing many indications of going away, regardless of what President Joe Biden says.