Biden's America: Fed rate hike will have 'devastating' impact on consumers, former Home Depot CEO warns

[Counselor706]

Former Home Depot CEO Bob Nardelli warned on "America Reports" Wednesday that the Federal Reserve hiking interest rates to cool inflation will have a "devastating impact" on consumers.

"I would tell the consumer, make sure that you're building up cash reserves," Nardelli emphasized. "Build up a supply of non-perishables in your home. Make sure that you're prepared for sustainable inflationary periods."

"Every time you go to the store, what you're going to see is they're trying to avoid sticker shock," Nardelli shared. "So you're paying $5 or something for a consumable item. The fact is you may have 10, 20, 30% less in that bag or in that can. So that's really the inflationary number that doesn't always get accurately reported in the 8.6%."

"What really scared me to death is when I heard the president's administration say there's really nothing we can do to affect this period and the situation that we're in today," Nardelli said. "That is just an unconscionable response to the demands and the issues we're facing."

https://www.foxnews.com/media/fed-rate-hike-devastating-impact-consumers-former-home-depot-ceo-warns

 

[UltraMAGAKing]

Sucks to be a wage slave/poor.....this is going to be a fantastic opportunity to make a shit load of money.

 

[ll74]

It's the only way to stop inflation.

It's not going to be comfortable.

Especially for that CEO