FED Chief Jerome Powell is arguably the worst FED Chairman in history. His efforts during the Trump administration did more to hurt the economy than help it. In 2018 Powell himself tried to destroy the Trump economy by raising rates to infinity.
Biden was so impressed with Powell, that he decided to keep him on and add a socialist as one of his deputies.
With Biden’s actions, it’s no surprise that the US economy would be in the tank and going lower under Biden.
Powell spoke in front of Congress this morning. CNBC reports:
Federal Reserve Chairman Jerome Powell told congressional lawmakers Wednesday that the central bank is determined to bring down inflation and has the ability to make that happen.
“At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” the Fed chief said in remarks for the Senate Banking Committee. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses.”
Along with expressing resolve on inflation, Powell said economic conditions are generally favorable, with a strong labor market and persistently high demand.
However, he acknowledged that inflation is running too hot and needs to come down.
“Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%,” Powell said. “We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy.”
Powell has few tools left after his work over the past few years. Many believe he has to increase rates in order to stall the massive increase in inflation. On the other hand, increasing rates will slow the economy. Powell did this throughout President Trump’s administration. But the FED is biased and far-left like other US government agencies and they want to make Biden look good. Unfortunately, there is no helping this Administration’s economy.