Source: Financial Times
President Trump’s one-time pick to lead the Bureau of Labor Statistics has said the US economy is too weak to handle oil at $100 per barrel as he warned of rising consumer prices triggered by the war in Iran.
“I don’t think this is an economy that is going to be able to handle $100 a barrel for oil, it’s just not,” EJ Antoni told the FT.
“The economy is weaker than we thought it was, and inflation is worse than we thought it was,” he added in a call on Wednesday, shortly before the Federal Reserve’s March rate-setting meeting.
“The lower energy prices that we saw in 2025 helped put downward pressure on prices throughout the economy. Now . . . we’re going to see higher energy prices have exactly the opposite effect and put upward pressure on prices throughout the economy.”