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Former White House OMB Director Russ Vought criticized Biden’s economic policies and “inefficient regulations” as drivers of inflation, telling Cavuto: Coast to Coast on Tuesday that the Inflation Reduction Act, combined with the president’s handout of student loans, is making the Fed’s job much more difficult. Stronger.

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RUSS VOUT: I don’t think that’s going to change anytime soon because one of the things I’ve been focused on is the housing index, which is over 18% or 20%, which is a huge part of the CPI. These things take a long time to factor into the consumer price index, due to how yearly leases play out. So we knew this was coming and I guess the market is starting to wake up to it. The Fed is aware of this in the sense that they were hoping that they could raise it to about 4%, inflation would come down and that would be the end of the pain, I don’t think it is.

Rising inflation forces more Americans to live paycheck to paycheck, DESPITE 5.1% WAGE INCREASE

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i think they [Fed] will have to be raised above this, or at least maintained for longer. The reality is that the Biden administration is making life difficult for them by increasing spending, student loan cancellation alone is over 75 basis points, and they are adding to the mix and making it harder and harder so this problem won’t go away. Today the market starts to catch up back to where the basics have been all along.

WATCH THE FULL INTERVIEW HERE: