Former Secretary of Labor Alex Acosta told Newsmax on Monday that the deal First Citizens BancShares made to buy Silicon Valley Bank is "clearly good news."
Acosta said on "National Report," that "You see that markets are opening up this morning, and it's bringing some calm and stability to the market overall."
He continued, "The bigger question here is what's going to happen with inflation as we go forward, and is the Fed going to have the room that it needs to really prevent a recession."
Acosta said that "a lot of folks wanted it [the Fed] to not raise rates, but it had to because inflation is out of control."
He said, "Last month, we saw year over year food prices were up. 10% housing prices were up 9% … I think the Fed is going to have to probably raise [rates] at least one more time."
The former secretary said, "You know, the question is, Why? The feds [are] taking a lot of heat, they're taking a lot of blame for this but it's not their fault. It's the Biden administration and the budget deficits, $1 trillion of deficit for next year, that is really causing this inflation."
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