Veteran Wall Street investor and well-known economist Peter Schiff has questioned the interpretation of the August core CPI data, arguing that the data do not reflect the true inflation situation. "Anyone who claims that recent core CPI data suggest inflation is close to the Fed's 2 percent target does not understand inflation, which is a function of excess demand caused by the expansion of money and credit supply," he wrote. Soaring public and private debt means higher inflation." Schiff has previously said he thinks the Fed may have "quietly abandoned its 2 percent inflation target" and warned investors not to seek shelter in money markets because of potential inflation risks.