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Fed chairman disagrees with Biden over source of US inflation
(MENAFN) The chairman of the US Federal Reserve has dismissed the White House's claim that the country's surging inflation is mostly due to the Ukraine situation. During a Senate committee on Wednesday, Jerome Powell said that inflation was high before Russia invaded its neighbor.
He was replying to a question from Tennessee Senator Bill Hagerty, who claimed the price situation in the US was influenced by a variety of variables, including “supply-chain disruptions, regulations that constrain supply… rising inflation expectations, and excessive fiscal spending.
He then questioned Powell if he agreed with the Biden administration that, given the dynamics of inflation over the last 18 months, the crisis in Ukraine was the most relevant cause.
“No, inflation was high… before the war in Ukraine broke out,” the Fed chief added.
He was replying to a question from Tennessee Senator Bill Hagerty, who claimed the price situation in the US was influenced by a variety of variables, including “supply-chain disruptions, regulations that constrain supply… rising inflation expectations, and excessive fiscal spending.
He then questioned Powell if he agreed with the Biden administration that, given the dynamics of inflation over the last 18 months, the crisis in Ukraine was the most relevant cause.
“No, inflation was high… before the war in Ukraine broke out,” the Fed chief added.
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