Federal Reserve Chairman Jerome Powell appeared to contract President Biden’s claim that the Ukraine war was primarily responsible for inflation in the U.S.
"No inflation was high … certainly before the war in Ukraine broke out," Powell said.
"I’m glad to hear you say that. The Biden administration seems to be intent on deflecting blame," Hagerty said, noting that as recently as Sunday, the administration "spread the misinformation that Putin’s invasion of Ukraine was the ‘biggest single driver of inflation.’" Powell has sought to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession.
FILE PHOTO: Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. The central bank's accelerating rate increases – it started with a quarter-point hike in its key short-term rate in March, then a half-point increase in May, then three-quarters of a point last week – has alarmed investors and led to sharp declines in the financial markets.Powell's testimony comes exactly a week after the Fed announced its three-quarters-of-a-point increase, its biggest hike in nearly three decades, to a range of 1.5% to 1.75%.
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