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— Joel Naroff, chief economist at Naroff Economics LLC: 'We're in a transitional phase right now. We are transitioning to a higher period of inflation and interest rates than we've had over the last 20 years.'CNN confessed that 'Americans have witnessed some wild price hikes over the past few months. Shortages and supply chain issues across the world have sent the cost to make and move goods soaring and...
— Diane Swonk, chief economist at Grant Thornton: 'Inflation is expected to surge longer and longer—longer than the Fed previously thought. The Fed is now likely to raise rates in the first half of 2023, although some Fed presidents will be nipping at the bit to move sooner.'
— Kevin Swift, chief economist at the American Chemistry Council: 'The danger is that monetary authorities are behind the curve. I'm not saying hyperinflation is around the corner, just that a lot of things have come together in the last year, and the overall trend of costs across the board is growing faster than in the last five or 10 years.'
— Swift noted the havoc that inflation is having on the construction industry, saying: 'It's disruptive—you can't be sure of what your costs are, whether you can get supplies or what the costs will be six months from now. I'd hate to be in the construction business trying to bid on a job when you don't know what the cost of steel will be 18 months from now.'