‘Red Hot’ Economy With Creeping Inflation Says Buffet

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Warren Buffett delivered a clear verdict on the state of the U.S. economy as it emerges from the pandemic red hot, says an article on Financial post.

Virtual meeting held 

“It’s almost a buying frenzy,” the Berkshire Hathaway Inc. chief executive officer said during the conglomerate’s annual meeting, which was held virtually from Los Angeles. “People have money in their pocket and they’re paying higher prices,” he said.

Economy into “super-high gear”

Buffett attributed the faster-than-expected recovery to swift and decisive rescue measures by the Federal Reserve and U.S. government, which helped kick 85% of the economy into “super-high gear,” he said. “But as growth roars back and interest rates remain low, many — including Berkshire — are raising prices and there is more inflation “than people would have anticipated six months ago,” he said.

Buffet- Munger meeting

Buffett reunited with his long-time friend and business partner Charlie Munger for this year’s meeting. Munger didn’t make it to last year’s meeting in Omaha, Nebraska — Buffett’s hometown — due to the shutdowns across the country. Some shareholders were relieved to see the duo fielding questions together again.

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Source: Financial Post