Home Depot co-founder Bernie Marcus He said he is concerned that President Biden’s economic policies, which have spurred inflation, are straining the household budgets of American consumers and Home Depot customers.
Marcus, who co-founded Home Depot in 1978, spoke in a wide-ranging interview with FOX Business senior correspondent Charlie Gasparino about Biden’s economic policies that are exacerbating the rising prices facing consumers. vehemently criticized. year-on-year inflation rate It hit a 40-year high of 9.1% in June 2022 amid an influx of federal spending and supply chain issues. Inflation has fallen to 3.7% as of September, but remains nearly twice the Federal Reserve’s target interest rate of 2%.
“We never expected what we’re going through,” Marcus said of Biden. “I wake up every morning and say, ‘What is this dunce going to do today?'”
“He cut drilling, he created inflation, and inflation created all sorts of problems for every businessman, every American,” Marcus said. “And the people he was supposed to represent, the poor and the middle class, are being killed today.”
The Fed’s fight against inflation is weighing heavily on middle Americans.
He further said that inflation is hurting public finances. home depot Customers are facing rising prices for food, energy, rent, insurance, and more.
“I’ll tell you one thing: I’ve never forgotten the fact that I was a small business. The Home Depot customers, we have them in mind, are being killed.” said Marcus.
“They’re being killed. They can’t afford to put gas in their cars. They can’t afford to provide good food for their families. They can’t pay rent. They can’t pay for food. “It’s insurance. All the abnormal things that exist are , it’s increasing. And even though we’re seeing it go down a little bit, it’s going to go down even further on top of this number,” Marcus said.
ticker | safety | last | change | change % |
---|---|---|---|---|
HD | The Home Depot Co., Ltd. | 294.06 | -1.49 | -0.50% |
Fed leaves interest rates on hold again despite still high inflation
of Federal Reserve System Open Market Committee The FOMC met last week to keep the benchmark federal funds rate unchanged at 5.25% to 5.5%, a 22-year high, while leaving the door open for further rate hikes by the end of the year amid inflation concerns. I chose that. ”It remains elevated. ”
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Fed policymakers have approved 11 interest rate hikes in the past 16 months, the fastest rate of tightening since the 1980s, when the central bank raised the federal funds rate from near zero to its current level as part of a bid to curb high inflation. became. The next FOMC meeting is scheduled for December 12-13, when policymakers will decide on the possibility of further rate hikes.
Watch the full interview with Home Depot co-founder Bernie Marcus and FOX Business Network’s Charlie Gasparino below.
FOX Business’ Megan Henney contributed to this report.