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Fed Chair Jerome Powell has drawn criticism for admitting ‘we know little about inflation’

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During an interview on Wednesday, Federal Reserve President Jerome Powell said the problem of inflation is that “we know very little about inflation.”

The remarks made during the European Central Bank forum were edited by Bloomberg Editor at Large Francine Lacqua.

“I think we realize now how little we know about financial growth,” Powell said.

“That’s very comforting,” Lacqua replied.

“No, of course, this can’t be seen,” Powell replied.

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U.S. President Joe Biden announced the election of Federal Reserve Director Jerome Powell for a four -year term, at the Eisenhower Executive Office Building’s South Court Auditorium at the Press in Washington, U.S.A., Nov. 22. , 2021. REUTERS/Kevin Lamarque

During the conference, Powell said, “The U.S. industry is very good.”

Powell said growth was faster than predicted by the central bank and was raising interest rates to “slow growth in order to have more time to earn. ”

Powell has received criticism for his remarks about not seeing the increase, even though many members of the public expressed concerns about the increase in revenue for a year.

Wall Street Silver, a popular publishing company posted on Youtube and Reddit, “The‘ experts ’and the media didn’t know this was coming.

Wall Street Silver also outlined the state of 2008, and then Fed Chairman Ben Bernanke predicted there would be no recession before the Great Recession. The report lamented, “‘The Federal Reserve does not currently predict a reduction.’ – Ben Bernanke, January 2008 “

Douglas A. Boneparth, a member of the CNBC Advisor Council and author, tweeted, “Jerome Powell in 2021 = ‘The revenue growth is stagnant. ‘ Jerome Powell in 2022 = ‘We know very little about inflation.’ “

Mark Hamrick, who previously served as president of the National Press Club and is an investor. tweeted, “Middle investors (and everyone else) have low interest rates. Jerome Powell: We realize how little we know about inflation.”

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WASHINGTON - JANUARY 22: The Federal Reserve was unveiled on January 22, 2008 in Washington, DC. (By Chip Somodevilla/Getty Images)

WASHINGTON – JANUARY 22: The Federal Reserve was unveiled on January 22, 2008 in Washington, DC. (By Chip Somodevilla/Getty Images)

Powell told the news last week that President Vladimir Putin was invading Ukraine. Not the main reason for the increase in moneyin comparison to the statement raised a few months ago by the Biden administration.

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Inflation is at a 40 -year high, the price of gas per gallon is above $ 5 for the first time in U.S. history, and consumers are expecting lower prices.

According to the data released by the Department of Commerce On Wednesday, “the U.S. economy fell 1.6% on an annualized basis in the three months from January to March.”



Fed Chair Jerome Powell has drawn criticism for admitting ‘we know little about inflation’

Source link Fed Chair Jerome Powell has drawn criticism for admitting ‘we know little about inflation’

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