{"id":1526926,"date":"2022-06-23T14:49:36","date_gmt":"2022-06-23T18:49:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1526926"},"modified":"2022-06-23T14:49:42","modified_gmt":"2022-06-23T18:49:42","slug":"fed-chair-jerome-powell-admits-the-obvious-about-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fed-chair-jerome-powell-admits-the-obvious-about-inflation\/","title":{"rendered":"Fed Chair Jerome Powell Admits The Obvious About Inflation"},"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\">18<\/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-jerome-powell-admits-the-obvious-about-inflation%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=1526926&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<aside id=\"right1forarticles\">\n<\/aside>\n<div id=\"ob-read-more-selector\">\n<p>Chairman of the federal reserve Jerome Powell admitted in a hearing Thursday that \u201cwith the benefit of hindsight\u201d the Fed clearly underestimated inflation.<\/p>\n<p>Powell made the comments in response to a line of questioning by Republican Missouri Rep. Ann Wagner.<\/p>\n<p>\u201cI\u2019m just surprised we weren\u2019t moving more quickly at the Fed,\u201d Wagner said, \u201cI wanna be honest, sir, the Fed I think underestimated actual inflation. What do you think you missed?\u201d <strong><a href=\"https:\/\/dailycaller.com\/2022\/06\/21\/jean-pierre-downplays-fears-of-possible-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED:\u00a0Jean-Pierre Downplays Fears Of A Possible Recession)<\/a><\/strong><\/p>\n<p>\u201cWell we did underestimate it,\u201d Powell said, \u201cWith the benefit of hindsight clearly we did.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Fed chair Powell to Hse Cmte on inflation: We did underestimate with the benefit of hindsight. Clearly we did\u2026We had to decide whether that was going to be a lasting thing or whether it would kind of turn around quickly<\/p>\n<p>\u2014 Chad Pergram (@ChadPergram) <a href=\"https:\/\/twitter.com\/ChadPergram\/status\/1539985421991559169?ref_src=twsrc%5Etfw\">June 23, 2022<\/a><\/p>\n<\/blockquote>\n<p>\u201cIt comes down to this judgement that we had to make,\u201d Powell continued. \u201cIt has really nothing to do with our framework or anything like that. Every central bank had to make the same judgement which was looking at the supply chain problems and the shock to labor force participation \u2014 millions of people out of the labor force \u2014 we had to decide whether that was gonna be a lasting thing or whether it would turn around quickly.\u201d<\/p>\n<p>Powell told Wagner the Fed thought the recovery from the pandemic would occur quicker than it did.<\/p>\n<p>\u201cThe thought was people would come back as soon as COVID is over. We have these new vaccines, every American is gonna get vaccinated. We\u2019ll be done with COVID by the end of the year.\u201d<\/p>\n<p>U.S. Treasury Secretary Janet Yellen <a href=\"https:\/\/dailycaller.com\/2022\/06\/10\/biden-official-janet-yellen-wrong-inflation-america-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\">denied the possibility<\/a> of a recession in early June. Yellen had dismissed inflation concerns earlier but admitted she was wrong in a May 31 interview with CNN\u2019s Wolf Blitzer. \u201cI think I was wrong then about the path that inflation would take,\u201d Yellen said.<\/p>\n<p>The Consumer Price Index has <a href=\"https:\/\/dailycaller.com\/2022\/06\/22\/gas-prices-down-americans-demand-cant-afford\/\" target=\"_blank\" rel=\"noopener noreferrer\">reached its highest rate<\/a> in 40 years. Energy prices increased by 34.6% in the last year, and gas prices are up 48.7%.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chairman of the federal reserve Jerome Powell admitted in a hearing Thursday that \u201cwith the benefit of hindsight\u201d the Fed clearly underestimated inflation.Powell made the comments in response<\/p>\n","protected":false},"author":644,"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-1526926","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\/1526926","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\/644"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1526926"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1526926\/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=1526926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1526926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1526926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}