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Car pricing increase

icon/user/avatar/20 Created with Sketch. By Y.L

 Jim Bianco, president of Bianco Research, predicts a “tsunami” of inflation will hit the United States in 2020.

“It will be a tsunami that will make the 2008 recession look like nothing,” Bianco said on CNBC’s “Futures Now” on Thursday.

Bianco said he expects the consumer price index to rise by 7% annually by 2020. That would be higher than the 3% average rate over the last 10 years and above even the highest level seen since 1990.

This would cause interest rates to climb, which would make it more expensive for consumers to borrow money. He predicted that mortgage rates could approach 5% within two years if this happens.

High interest rates would also mean that investors would have more trouble finding places to put their money, driving them back into stocks and other risky assets like real estate, which would push up those asset prices even further.

Bianco said he expects wages to stay flat when adjusted for inflation for most Americans as well as stock prices growing slowly due to sluggish corporate profits exacerbated by these high inflation rates due to higher interest rates

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