Fed Chair Jerome Powell Shoots Down Biden Administration’s ‘Putin’s Price Hikes’ Inflation Spin

[mystery-ak]

Fed Chair Jerome Powell Shoots Down Biden Administration’s ‘Putin’s Price Hikes’ Inflation Spin

John Carney 22 Jun 2022

Federal Reserve Chairman Jerome Powell said Wednesday that Russia’s invasion of Ukraine is not the primary driver of inflation.

In a Senate Banking Committee hearing Wednesday morning, Sen Bill Hagerty (R-TN) pointed out that inflation rose from 1.4 percent in January of 2021 to seven percent by the end of the year, months before Russia invaded Ukraine. It has since risen another 1.6 percentage points.

“Given how inflation has escalated over the past 18 months, would you say the war in Ukraine is the primary driver of inflation?” Hagerty asked.

“No,” Powell responded. “Inflation was high. Certainly, was high before the war in Ukraine broke out.”

The Fed chair’s statement puts him at odds with President Joe Biden, who has repeatedly sought to blame the war for high prices.

https://twitter.com/WhiteHouse/status/1538907388555808776

Breitbart News pointed out on Monday that this claim is false. Powell has now confirmed that analysis.

Nearly all Americans agree with Powell and Breitbart News. Just 11 percent of Americans say inflation is the fault of Vladimir Putin, according to a recent poll.

https://www.breitbart.com/economy/2022/06/22/fed-chair-jerome-powell-shoots-down-biden-administrations-putins-price-hikes-inflation-spin/

[IsailedawayfromFR]

That backbone better be backed up with a taste-tester, Jerome.

[LMAO]

If prices were stable and only were rising after Putin invade Ukraine, the Putin price hike would sell. The problem misadministration has as that prices were rising before the invasion. And the country knows it

[mystery-ak]

Fed Chair Cuts The Legs Off Biden’s ‘Putin Price Hike’ Spin


Brianna Lyman
Reporter
June 22, 2022 3:49 PM ET
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Chair of the Federal Reserve Jerome Powell contradicted Wednesday claims from President Joe Biden that “Putin’s price hike” is to blame for record high inflation.

Testifying before the Senate Banking Committee, Powell was asked about the inflation crisis by Republican Tennessee Sen. Bill Hagerty.

“I realize there are a number of factors that play a role in the historic inflation that we’re experiencing: supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending, but the problem hasn’t sprung out of nowhere,” Hagerty said.

“In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% — a fivefold increase.”

“Since the war in Ukraine began in late February, the rate of inflation has risen incrementally another 1.6% to a current level of 8.6%,” he continued. “Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?”

https://twitter.com/Breaking911/status/1539676364856508417

more
https://dailycaller.com/2022/06/22/fed-chair-jerome-powell-biden-putin-price-hike-spin/

[mystery-ak]

Biden Adviser Sperling: Powell’s Right, But Pre-Invasion Inflation Was Due to COVID

On Wednesday’s broadcast of CNN’s “The Lead,” Senior Adviser to President Joe Biden Gene Sperling agreed with Federal Reserve Chairman Jerome Powell’s statement that there was high inflation before Russia invaded Ukraine and argued that the inflation that existed prior to the war in Ukraine was “related to” the coronavirus pandemic because the pandemic caused the economy to shut down and start up again, created supply chain issues and kept those issues from being corrected, and led to production shutdowns and lockdowns in Asia.

Sperling responded to Powell’s comments by stating, “Jake, that is clearly correct, and that is not contradictory with anything this president said. The shutting down of the global economy, the starting up of the global economy, the supply chain constraints that happened, you remember the impact Delta had on preventing that supply chain correction, the shutting down of semiconductor production in Asia, the effect that had on global auto production, the lockdowns in China, all those things affected inflation. And of course, this president was out there with a supply chain task force a year ago. So, of course, there was inflation related to the pandemic that took place before that.”

https://www.breitbart.com/clips/2022/06/22/biden-adviser-sperling-powells-right-but-pre-invasion-inflation-was-due-to-covid/

[mystery-ak]

Biden Adviser Sperling: Powell Didn’t Contradict Biden, Gas Prices ‘Due Solely to’ Russia

Ian Hanchett22 Jun 20228

On Wednesday’s broadcast of CNN’s “The Lead,” Senior Adviser to President Joe Biden Gene Sperling said that Federal Reserve Chairman Jerome Powell’s comments that high inflation pre-dates Russia’s invasion of Ukraine don’t contradict President Joe Biden’s rhetoric and “the reason we’ve seen the gas price rise, both here and really around the world, is due to Putin.”

Sperling responded to Powell’s comments by saying, “Jake, that is clearly correct, and that is not contradictory with anything this president said.”

After agreeing that there was pre-invasion inflation, Sperling added, “What the president — what is clear, though, is the gas price element is due solely to what we’ve seen from the aggression. That it was at $3.31 [on] January 17 — was actually below the real average over the previous decade. Now, it’s been closer to $5, and you’ve seen $2 hikes in places like Canada and Germany. So there’s no contradiction between the fact that, yes, we were struggling with pandemic-related supply chain and price pressures before this, but that the reason we’ve seen the gas price rise, both here and really around the world, is due to Putin. And the fact that I think inflation overall has tended to go up, that it averages 9.2% in the 38 major countries has certainly — there’s been a major contribution from the gas run-up due to Putin. But no, we’ve never suggested that is the only cause. It is one of the primary causes though.”

https://www.breitbart.com/clips/2022/06/22/biden-adviser-sperling-powell-didnt-contradict-biden-gas-prices-due-solely-to-russia/

[Hoodat]

The White House
@WhiteHouse
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With the biggest single driver of inflation being Putin’s war against Ukraine, @POTUS has taken action to blunt the impact of Putin’s Price Hike for families.

The sole driver of inflation is the government-driven expansion of the money supply.

[Smokin Joe]

The sole driver of inflation is the government-driven expansion of the money supply.

That is a big part of it, but you cannot ignore the effects of energy (anti-petroleum) policies unleashed by the Biden Administration, from day one. Virtually everything requires fuels to move or create or deliver, and those costs per gallon more than doubling get passed on to consumers, directly and indirectly.

[Hoodat]

That is a big part of it, but you cannot ignore the effects of energy (anti-petroleum) policies unleashed by the Biden Administration, from day one. Virtually everything requires fuels to move or create or deliver, and those costs per gallon more than doubling get passed on to consumers, directly and indirectly.

If the money supply is fixed, then higher prices resulting from oil will be offset in other areas.  Without the additional new cash, demand would fall, unemployment would rise, and investment in future production would take precedence over other choices.