Trump's Inflation Fight Hinges on Higher Interest Rates

Economist Justin Wolfers believes that President Donald Trump's only hope for fighting inflation before the midterms will likely make him 'very, very mad.'

Wolfers, a professor of economics and writer for Platypus Economics Substack, made this assessment during an appearance on CNN. He stated that markets are already behaving as if they expect the Federal Reserve to raise interest rates.

The current inflation rate is 3.4 percent from a year earlier, with consumer prices up in August, according to CNN. The Federal Reserve could raise rates as soon as next week, with markets indicating an 86-87 percent chance of this happening.

When the Fed raises rates, Wolfers joked that 'there'll be someone in the White House who will be very, very angry.'