{"id":1526056,"date":"2022-06-22T16:05:04","date_gmt":"2022-06-22T20:05:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1526056"},"modified":"2022-06-22T16:05:28","modified_gmt":"2022-06-22T20:05:28","slug":"fed-chair-cuts-the-legs-off-bidens-putin-price-hike-spin","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-chair-cuts-the-legs-off-bidens-putin-price-hike-spin\/","title":{"rendered":"Fed Chair Cuts The Legs Off Biden\u2019s \u2018Putin Price Hike\u2019 Spin"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffed-chair-cuts-the-legs-off-bidens-putin-price-hike-spin%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1526056&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Chair of the Federal Reserve Jerome Powell contradicted Wednesday claims from President Joe Biden that \u201cPutin\u2019s price hike\u201d is to blame for record high inflation.<\/p>\n<p>Testifying before the Senate Banking Committee, Powell was asked about the <a href=\"https:\/\/dailycaller.com\/2022\/06\/19\/janet-yellen-expects-economy-worse-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">inflation<\/a> crisis by Republican Tennessee Sen. Bill Hagerty.<\/p>\n<p>\u201cI realize there are a number of factors that play a role in the historic inflation that we\u2019re experiencing: supply chain disruptions, regulations that constrain supply, we\u2019ve got rising inflation expectations and excessive fiscal spending, but the problem hasn\u2019t sprung out of nowhere,\u201d Hagerty said.<\/p>\n<p>\u201cIn January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% \u2014 a fivefold increase.\u201d<\/p>\n<p>\u201cSince 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%,\u201d he continued. \u201cGiven 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?\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Sen. Bill Hagerty (R-Tenn.): \u201cWould you say that the war in Ukraine is the primary driver of inflation in America?\u201d<\/p>\n<p>Fed Chair Powell: \u201cNo. Inflation was high before, certainly before the war in Ukraine broke out.\u201d <a href=\"https:\/\/t.co\/xhPeO0NYYE\">pic.twitter.com\/xhPeO0NYYE<\/a><\/p>\n<p>\u2014 Breaking911 (@Breaking911) <a href=\"https:\/\/twitter.com\/Breaking911\/status\/1539676364856508417?ref_src=twsrc%5Etfw\">June 22, 2022<\/a><\/p>\n<\/blockquote>\n<p>\u201cNo,\u201d Powell said. \u201cInflation was high before, certainly before the war in Ukraine broke out.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/06\/20\/joe-biden-testy-exchange-reporter-recession-fears\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Biden Gets Testy When Reporter Asks About Recession Fears)<\/a><\/strong><\/p>\n<p>The <a href=\"https:\/\/dailycaller.com\/2022\/06\/21\/jean-pierre-downplays-fears-of-possible-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">White House<\/a> has consistently blamed Russian President Vladimir Putin for <a href=\"https:\/\/dailycaller.com\/2022\/06\/19\/stephanopoulos-yellen-biden-inflation\/\" target=\"_blank\" rel=\"noopener noreferrer\">inflation<\/a>, tweeting just two days ago that the \u201cbiggest single driver of inflation being Putin\u2019s war against Ukraine.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">With the biggest single driver of inflation being Putin\u2019s war against Ukraine, <a href=\"https:\/\/twitter.com\/POTUS?ref_src=twsrc%5Etfw\">@POTUS<\/a> has taken action to blunt the impact of Putin\u2019s Price Hike for families.<\/p>\n<p>\u2014 The White House (@WhiteHouse) <a href=\"https:\/\/twitter.com\/WhiteHouse\/status\/1538907388555808776?ref_src=twsrc%5Etfw\">June 20, 2022<\/a><\/p>\n<\/blockquote>\n<p>A March <a href=\"https:\/\/www.frbsf.org\/wp-content\/uploads\/sites\/4\/el2022-07.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">study<\/a> from the Research from the Federal Reserve Bank of San Francisco found that approximately \u201c3 percentage points\u201d of inflation at the end of 2021 could have been a result of \u201cfiscal support measures designed to counteract the severity of the pandemic\u2019s economic effect.\u201d<\/p>\n<p>The Federal Reserve <a href=\"https:\/\/dailycaller.com\/2022\/06\/15\/fed-hike-interest-rates-june-2022\/\" target=\"_blank\" rel=\"noopener noreferrer\">hiked target interest rates<\/a> by three-quarters of a percentage point June 15, projecting a slowing economy and a rise in unemployment. Meanwhile, consumer <a href=\"https:\/\/dailycaller.com\/2022\/06\/19\/i-saw-that-coming-daily-caller-reporter-slams-biden-admin-for-acting-like-inflation-came-out-of-nowhere\/\" target=\"_blank\" rel=\"noopener noreferrer\">prices<\/a> recently reached a <a href=\"https:\/\/dailycaller.com\/2022\/06\/10\/consumer-price-index-highest-1981\/\" target=\"_blank\" rel=\"noopener noreferrer\">four-decade high<\/a>, with the Consumer Price Index for May of 2022 showing a 8.6% increase year-over-year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chair of the Federal Reserve Jerome Powell contradicted Wednesday claims from President Joe Biden that \u201cPutin\u2019s price hike\u201d is to blame for record high inflation.Testifying before the Senate Banking Committee,<\/p>\n","protected":false},"author":74,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1526056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1526056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1526056"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1526056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1526056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1526056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1526056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}