Stephen Roach: Fed is ‘in denial’ and should hike interest rates immediately to cut stagflation risks

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If the Fed doesn’t act, he warns rising prices could send shockwaves through the economy.

“They’re in denial. They continue to harbor the view that these are transitory Covid-related rebound effects,” the Yale University senior fellow told CNBC’s “Trading Nation” on Monday. “I would just put the burden of responsibility on the Fed. The longer they defer a more meaningful monetary tightening, the great the risks of stagflation.”

Roach has been warning stagflation was one supply chain accident away. Now, he contends the U.S. is in the throes of a broken supply chain while consumer demand is at a fever pitch.

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