Warren Buffett says inflation in the U.S. is "exploding" and he urged the Federal Reserve not to signal in any way that controlling prices takes a back seat to encouraging economic growth.
"I think inflation is really picking up... Whether it's steel or oil ... We see it everyplace. It's exploding," Buffett told Becky Quick in a live interview on CNBC's Power Lunch. He spoke ahead of a charity lunch he is hosting in New York City.
While Buffett stressed that the Fed needs to control inflation, he also said the central bank should also be concerned about slowing economic growth, and said he's glad he doesn't have Chairman Ben Bernanke's job. Pressed by Becky about what he would do if he were Fed chairman, Buffett joked that he'd "resign."
The Federal Reserve announces its latest decision on interest rates around 2:15p ET today (Wednesday.)
Buffett told Becky that from a consumer's perspective, the economy's weakening is getting worse. He's been saying for several months that the U.S. is effectively in a recession.