Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. is on track for a strong rebound from the coronavirus pandemic even as the economy hits inflationary speed bumps on the path to full recovery.
Powell spoke to reporters after the Federal Open Market Committee (FOMC) — the Fed’s monetary policymaking arm — announced that it would hold its baseline interest rate range steady at 0 to 0.25 percent and continue to purchase $120 billion in Treasury and mortgage bonds each month.
During the press conference, Powell brushed off fears that the recent inflation surge would force the Fed to slam on the brakes with an interest rate hike sooner than expected. The Fed chief said that while price increases could continue to heat up, the unrepaired damage to the U.S. economy from a year of COVID-19 lockdowns made a dangerous inflation spiral unlikely.
Read more at The Hill.
{Matzav.com}
This fellow hasn’t gone to the local grocery store. Inflation is here. If prices go up 5%, they don’t come back down so inflation is always extended. The question is how ling will they continue to inflate? Answer: As long as the lefties are in charge.
This administration is the Carter administration reincarnated.