Former Trump economist Larry Kudlow on Sunday radio said year-end inflation could be as high as 10%.
The 2022 year-end inflation rate will not be "less than 5% and it could be as high as 8% or 10%," Kudlow said during an appearance of "The Cats Roundtable" hosted by John Catsimatidis on WABC 770 AM.
"[The Fed] has so much more work to do than they will admit … Real wages are falling because of the inflation … Inflation is a tax on middle income folks. I think that may start to take its toll."
Kudlow also said part of the concerning economic factors is a "cold" stock market and President Joe Biden's economic policies.
"It's a pretty cold stock market that continues to get slammed," Kudlow said.
"NASDAQ is now 14% below its November peak. The Dow and S&P are down for the third consecutive week. There's a lot of worries out there right now. There was Biden's press conference where, instead of shifting gears away from big government Socialism, he's kind of doubling up. He said the problem isn't his policies — that the people really love him. And he just has to go around the country and communicate better on these policies. I beg to differ. People are not buying the product that he is selling. He's in denial about inflation."
© 2023 Newsmax. All rights reserved.