Sign up for DML's newsletter

As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by DAILYCALLER.COM:

Chair of the Federal Reserve Jerome Powell contradicted Wednesday claims from President Joe Biden that “Putin’s price hike” is to blame for record high inflation.

Testifying before the Senate Banking Committee, Powell was asked about the inflation crisis by Republican Tennessee Sen. Bill Hagerty.

The article goes on to state the following:

“I realize there are a number of factors that play a role in the historic inflation that we’re experiencing: supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending, but the problem hasn’t sprung out of nowhere,” Hagerty said.


“In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7% — a fivefold increase,” Hagerty continued. “Since 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%.”

“Given 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?”

“No,” Powell replied. “Inflation was high before, certainly before the war in Ukraine broke out.”

WATCH:

The Dennis Michael Lynch Podcast is available below. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.

To get more information about this article, please visit DAILYCALLER.COM.

Sign up for DML's newsletter
Previous articleNEWS ALERT: Longtime NFL Veteran and Fox TV Personality Dead at 55
Next articleBREAKING: Uvalde school district delivers announcement on police chief Pete Arredondo

7 COMMENTS

  1. Putin may be accused of many harmful things but inflation in America is strictly on Biden and the current administration. President Trump was Not the one who shut down the pipeline. We were independent. Biden is the WORST president in history….the absolute worst.

LEAVE A REPLY

Please enter your comment!
Please enter your name here