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Steve Cohen, the hedge fund billionaire who owns the New York Mets, said Wednesday that the Federal Reserve faces a tough road getting inflation down to its 2% target.

The Fed thinks its eventually going to come down to a 2% inflation rate. I think thats going to be hard, Cohen told CNBCs “Squawk Box.”

The Point72 Asset Management founder and CEO cited underemployment in the US as reason inflation will remain stubbornly high, arguing a lack of workers could create upward pressure on inflation if economic growth remains strong.

If growth is too fast, then you start getting constraints on labor and wages go up, and that may be a problem,” he added. “Were in one of these problems where I dont think many people know exactly what is going to happen.”

Despite his skepticism about inflation hitting 2% — a figure the US economy hasn’t seen in more than a decade — Cohen said, “I think inflations been somewhat contained.”

“I think ultimately it will come down to: is that a true statement or not, Cohen — also the chairman and CEO of the New York Mets — told CNBC.

Representatives for Point72 declined The Post’s request for comment.

Per the latest Consumer Price Index which tracks changes in the costs of everyday goods and services  US inflation rose a stiffer-than-expected 3.2% in February.

Yet another yearly increase in consumer prices means that the CPI reading has yet to drop on a yearly basis since President Joe Bidens term began in January 2021.

The closest the economy has gotten to a yearly decrease since Biden took office was in July 2022, when the inflation rate remain unchanged, at a sky-high 8.5%.

On a monthly basis, prices also edged 0.4% in February, driven primarily by the indexes for shelter and gasoline, which contributed to more than 60% of the advance, the Bureau of Labor Statistics reported.

Despite remaining elevated, February’s CPI marks a stark slowdown from inflation’s peak at a staggering 9.1% in June 2022, which prompted Fed officials to begin a rate-hiking campaign that lifted the benchmark federal funds rate 11 times in 2022 and 2023, landing on its current 22-year high, between 5.25% and 5.5%, in July 2023.

March’s CPI reading is set to be released on April 10.

Wall Street is widely hoping for a figure that shows a month-over-month slowdown in inflation as it would prompt central bankers to make the first of three anticipated rate cuts this year sooner rather than later.

Separately on Wednesday, Fed Chair Jerome Powell reiterated that the US central bank has time to deliberate over its first interest rate cut given the strength of the economy and recent high inflation readings.

“Recent readings on both job gains and inflation have come in higher than expected,” Powell said in remarks prepared for delivery at the Stanford Graduate School of Business.

“Recent data do not, however, materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2% on a sometimes bumpy path.”

“Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy,” Powell said, with decisions made “meeting by meeting.”

“If the economy evolves broadly as we expect,” Powell said, he and his Fed colleagues largely agree that a lower policy interest rate will be appropriate “at some point this year.”

But that will only happen once policymakers “have greater confidence that inflation is moving sustainably down” to the central bank’s 2% target, Powell said — also a repeat of language the Fed has adopted of late to reflect its effort to balance the risks of cutting interest rates before inflation is truly controlled with the risks of suppressing economic activity more than is needed.

With Post wires

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What is cryptosporidium? The diarrhoea-causing parasite found in Devon drinking water

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What is cryptosporidium? The diarrhoea-causing parasite found in Devon drinking water

An outbreak of a waterborne disease in Devon has prompted urgent warnings for residents to boil their tap water. 

At least 22 cases of cryptosporidiosis disease have been confirmed in and around the town of Brixham in South West England.

But what is the parasite that is making people sick, what are the symptoms of being infected with it and how serious can it be?

What is cryptosporidiosis disease?

Cryptosporidiosis is the disease caused by the parasite cryptosporidium.

Often shortened to crypto, infections can be caused by drinking contaminated water or swallowing contaminated water in swimming pools or streams.

It can also be acquired through contact with the faeces of infected animals or humans.

What are the symptoms?

The symptoms of cryptosporidiosis include:

• profuse watery diarrhoea
• stomach pains
• nausea or vomiting
• low-grade fever
• loss of appetite

How long does it last?

Most people develop symptoms within one to 12 days of picking up the parasite.

Symptoms usually last for about two weeks, but can last up to six weeks or longer when the immune system is not working properly.

During the illness, you might think you are getting better but the illness returns a couple of days later before you fully recover.

How serious is it?

Most people recover, but in people with severely weakened immune systems it can cause severe disease and can be fatal.

Serious cases and death used to be more common, according to Paul Hunter, professor in medicine at the University of East Anglia (UEA).

This is because before effective antiretroviral treatments were introduced for HIV/AIDS, people living with these illnesses would not recover if they picked up cryptosporidiosis.

Who is most at risk of serious illness?

People with weak immune systems are at greater risk of serious illness. This includes:

• people on some immunosuppressive drugs, for example cancer or transplant patients
• people with untreated HIV/AIDS
• malnourished children

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Residents ‘worried’ over water parasite

Does it need treatment?

There is no specific treatment for cryptosporidiosis.

It important to drink plenty of fluids as diarrhoea or vomiting can lead to dehydration, according to advice from the UK Health Security Agency (UKHSA).

You might also want to talk to a pharmacist about oral rehydration sachets to help replace the sugar, salts and minerals the body has lost.

Dr Lincoln Sargeant, Torbay’s Director of Public Health, said anyone with “severe symptoms like bloody diarrhoea” should contact NHS 111 or their GP.

Severe cases may require hospital treatment.

How do you know if you have crypto?

The symptoms of crypto are similar to other stomach bugs, so the only way to know for sure if you have it is for your doctor to send a sample of your faeces to be tested in a laboratory.

Read more:
Water disease outbreak may last a week, expert says
Sickness outbreak forces farm to cancel animal cuddling

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How can you stop the illness spreading?

If you are ill, stay away from nursery, school or work while you have symptoms, and for at least 48 hours after they stop.

You should also avoid swimming for two weeks after being unwell.

You should not prepare food for anyone else until 48 hours after diarrhoea has stopped.

Make sure you’re using good handwashing practices too, washing your hands thoroughly when handling food and after using the toilet.

The UKHSA also advises washing bedding and towels on the hottest possible cycle.

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Kent: 25 workers ‘poisoned’ at Swaleside prison by ‘inmates working in staff canteen’, union says

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Kent: 25 workers 'poisoned' at Swaleside prison by 'inmates working in staff canteen', union says

More than two dozen staff at a prison in Kent were “deliberately poisoned” with the drug spice, a union has said.

Workers were allegedly given the narcotic by “prisoners working in the staff canteen” at HMP Swaleside in Kent, the Criminal Justice Workers Union said.

Spice, a synthetic cannabinoid, can cause dizziness, breathing difficulties, chest pain, seizures and paranoia, according to the NHS website.

Some 25 staff were “poisoned” at the men’s high-security jail, union official Andy Hamlin said.

Nine ambulances attended and an emergency incident unit was set up “within the establishment”, Mr Hamlin added.

Five people were taken to hospital last week, he said, although South East Coast Ambulance Service said three had needed hospital treatment.

While it is not unusual for prisoners to be working in staff canteens, they are expected to be “low-risk”, Mr Hamlin commented.

That “clearly hasn’t happened in this case”, he added, and is calling for a “full investigation”.

HM Prison and Probation Service “must do more to protect the health and safety of its staff”, he said.

It is understood that none of the those affected were in a critical condition and all have since been discharged from hospital.

Read more:
Water firm apologises after parasite detected in reservoir
Boy, 6, dies after falling from apartment block in east London

HMP Swaleside
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Nine ambulances are said to have attended

A Prison Service spokeswoman said: “A number of staff were taken ill following an incident at HMP Swaleside last week but have all now returned to work.

“There is an ongoing investigation and it would be inappropriate to comment further at this stage.”

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A South East Coast Ambulance Service spokesman said: “I can confirm that South East Coast Ambulance responded to a medical incident at HMP Swaleside in Eastchurch, Sheerness, after being called at approximately 2.10pm on Thursday 9 May.

“Ambulance crews attended and worked alongside the prison medical team to assess and treat a number of patients at the scene before three were taken by ambulance to hospital for further checks.”

Kent Police said officers attended to assist the ambulance service.

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Lucy Letby: Families of victims want inquiry live streamed to stop ‘grossly offensive’ conspiracy theories

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Lucy Letby: Families of victims want inquiry live streamed to stop 'grossly offensive' conspiracy theories

The inquiry into how nurse Lucy Letby was able to murder babies at a hospital in Chester will begin to hear evidence in September. 

Lawyers for the families of Letby’s victims told a preliminary hearing that the inquiry should be live streamed to the public to prevent the spread of “grossly offensive” conspiracy theories.

Letby was sentenced to 14 whole-life orders after she was convicted of murdering seven babies and attempting to murder six others while working on the neo-natal unit at the Countess of Chester Hospital in 2015 and 2016.

At the preliminary hearing, inquiry chair Lady Justice Thirlwall heard submissions on whether the hearings should be publicly broadcast.

Peter Skelton KC, on behalf of the families of six babies, said Letby’s crimes continued to be the subject of conspiracy theories online.

“One of the most effective antidotes to those theories and the damage they cause will be to see and to hear the people involved in the hospital give a true and comprehensive account of the facts,” he said.

But Andrew Kennedy KC, representing the Countess of Chester, said there was a “high level of anxiety” from staff at the prospect of giving evidence which was live streamed.

He said: “If a witness is concerned about live-streaming then if we can remove that concern we can, we would suggest, encourage candour, frankness and openness.”

Serial child killer Lucy Letby
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Letby was given multiple whole-life terms and will be re-tried on one charge next month

Richard Baker KC, representing some of the other families, said: “Their desire in this case is for change and so that others do not experience what they have experienced.”

They were “saddened” and “concerned” at the suggestion the lack of transparency might continue, he said.

Lady Justice Thirlwall will give her decision on whether the hearings will be broadcast at a later date.

She had begun the proceedings with a pause for reflection on the “lives lost”, “injuries sustained” and “suffering” of the families.

Read more from Sky News:
Boy dies after falling from apartment block in east London
Top midwife slams progress two years after key report

The hearing was told 188 requests for information had been made to individuals including midwives, nurses, doctors, managers and members of the hospital board.

The inquiry hearings are scheduled to begin on 10 September at Liverpool Town Hall.

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The parents of the babies will be among the first to give evidence.

Counsel to the inquiry Rachel Langdale KC told the hearing: “There are no sides. It is a search for the truth.”

Last month Letby asked the Court of Appeal for permission to mount a full legal challenge to her conviction. Judges are due to rule on this at a later date.

The former nurse is due to face a re-trial next month on one charge of the attempted murder of a baby in February 2016.

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