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Fed Chair Jerome Powell draws criticism for admitting ‘how little we understand about inflation’


From WWW.FOXNEWS.COM

During an interview on Wednesday, U. S. Federal Reserve Chairman Jerome Powell said that the ongoing inflation crisis highlights “how little we understand about inflation.”

The comments were made during a European Central Bank forum that was moderated by Bloomberg Editor at Large Francine Lacqua.

“I think we now understand better how little we understand about inflation,” Powell said.

“No, honestly, this was unpredictable,” Powell replied.

During the forum, Powell stated, “The U. S. economy is actually in pretty good shape.”

Powell said that growth is exceeding what the central bank had predicted and that it is raising interest rates to “slow growth down so that supply will have a chance to catch up.”

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Powell received criticism for his remark about not understanding inflation, as many in the public have expressed concerns about inflation for over a year.

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Wall Street Silver, a popular investing forum on Youtube and Reddit, tweeted, “Only the ‘experts’ and the media didn’t see this coming. Just about everyone else did.”

Wall Street Silver also highlighted how in 2008, then Fed Chairman Ben Bernanke predicted that there would not be a recession just before the Great R… (Read more)

Tweets mentioned:

https://twitter.com/hamrickisms/status/1542150453416394753



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