The Inflation Rate For 2024 May Now Yield Unexpected Results

The inflation rate for 2024 may now yield unexpected results according to billionaire hedge fund manager Steve Cohen.

Billionaire hedge fund manager Steve Cohen said Wednesday that it will be difficult for the Federal Reserve to get inflation back down to its 2% goal.

“The Fed thinks it’s eventually going to come down to a 2% inflation rate.… I think that’s going to be hard,” Cohen told CNBC’s Andrew Ross Sorkin on “Squawk Box.”

The Point72 CEO said Wednesday that there’s a lot of “underemployment” in the country, which could create upward pressure on inflation if economic growth remains strong.

“If growth is too fast, then you start getting constraints on labor and wages go up, and that may be a problem.…We’re in one of these problems where I don’t think many people know exactly what is going to happen,” Cohen said.

Despite his concerns on inflation, Cohen said he doesn’t disagree with market estimates of three cuts this year.

“I think inflation’s been somewhat contained, and I think ultimately it will come down to: is that a true statement or not,” Cohen said.

Cohen also expressed general confidence in the stock market.

He said the current market rally is not a bubble like 1999′s dot-com boom and is instead due in part to investors pricing in future growth from artificial intelligence.

Cohen said that AI is a “really durable theme” that will make an impact on a wide variety of companies.

“If you’re a company and you’re not thinking about this, you’re going to wake up one day and go ‘we’re in trouble,’” Cohen said.

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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - The Inflation Rate For 2024 May Now Yield Unexpected Results.
Market News Today – The Inflation Rate For 2024 May Now Yield Unexpected Results.

Raising the age for social security will mean massive impact for the growing demographic of those who rely on assistance.

House Republicans unveiled a plan last week that calls for raising the Social Security retirement age, reports CNBC.

“Both Social Security and Medicare face looming insolvency dates, while the number of [older citizens] who rely on those programs is projected to grow.”

Republicans’ budget proposal calls for “modest adjustments” to the retirement age to reflect longer life expectancies, though it did not specify how high the age could go up.

Social Security’s full retirement age — when beneficiaries may receive 100% of the benefits they’ve earned — is currently 67 for people born in 1960 or later.

The plan also calls for reducing full retirement age benefits for high-income earners, while also limiting and phasing out “auxiliary benefits” for those beneficiaries’ spouses and dependents.

The budget did not specify the income thresholds to which those changes would apply.

“There is a lot of willingness and openness on the Republican side of the aisle to reduce Social Security benefits for high earners,” said Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center.

The Republican Study Committee budget calls for “Making Social Security Solvent Again.”

The reforms would be gradually phased in and “affect no senior in or near retirement,” according to the plan.

Ultimately, the goal for the changes is to make Social Security’s retirement trust fund “sustainably solvent.”

The Republican budget proposal would restructure Medicare so beneficiaries receive premium support subsidies, which they may use to pay for either through federal traditional Medicare or private Medicare Advantage plans.

The amount of the subsidies would be based on a benchmark that would be chosen after testing several options, according to the plan.

To help shore up Social Security’s shortfall, Biden’s budget calls for the “highest-income Americans to pay their fair share.”

“Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes,” Biden said during his State of the Union address earlier this month.

The president’s budget proposal also calls for improving Social Security and Supplemental Security Income benefits for retirees and individuals with disabilities who “face the greatest challenges making ends meet.”

Biden’s budget also aims to shore up Medicare in keeping with changes he has previously proposed.

That includes raising the Medicare tax rate on both earned and unearned income from 3.8% to 5% for those earning more than $400,000.

Do you think raising the age for social security benefits is wise?

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Also Read: Four Massive Companies Are Now Laying Off in South Carolina

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Market News Today - The Inflation Rate For 2024 May Now Yield Unexpected Results.
Market News Today – The Inflation Rate For 2024 May Now Yield Unexpected Results.

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