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Powell Predicts Another Rate Hike After Contradicting Biden's Claim That Inflation Is Putin's Fault

NEWS HEADLINES: Powell Predicts Another Rate Hike After Contradicting Biden’s Claim That Inflation Is Putin’s Fault

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Biden has been quick to blame runaway inflation on Russian President Vladimir Putin’s invasion of Ukraine.

His own Treasury Secretary, and now the Chairman of the Federal Reserve, Jerome Powell, have contradicted him when attempting to play blame games about the shambolic state of the economy.

On Wednesday, Jerome Powell testified before the Senate on a number of issues, including the current state of the economy and if more interest rate hikes would be in the cards.

Powell predicted that the Federal Reserve would have to increase interest rates again to stave off inflation that has hit nearly record-high numbers.

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“President Joe Biden has again blamed inflation on ‘Putin’s Price Hike’ just moments after Federal Reserve chair Jerome Powell said that Russia’s war in Ukraine was not the main driver of rising consumer prices.

‘I’m doing everything I can to blunt the Putin Price Hike and bring down the cost of gas and food,’ Biden wrote in a tweet on Wednesday touting his release of oil from strategic reserves and efforts to help Ukraine export grain.

But earlier Wednesday, Powell acknowledged that inflation was ‘certainly high’ before Vladimir Putin’s war in Ukraine.

‘Would you say that the war in Ukraine is the primary driver of inflation in America?’ Sen. Bill Hagerty, R-La., asked Powell. ‘No. Inflation was high before, certainly before the war in Ukraine broke out,’ the Fed chair said.

Powell said it would be fair to blame Europe’s high inflation on its transition away from Russian oil and gas, but U.S. inflation rates were a more complicated supply and demand issue.”





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