Biden tweets about ‘Putin’s price hike’ moments after the Fed chair said Biden was wrong to blame Russia for inflation.
Published on 24.6.2022
Mr Biden was quick to attribute runaway inflation to Russian President Vladimir Putin’s invasion of Ukraine.
His own Treasury Secretary, and now Federal Reserve Chairman Jerome Powell, contradicted him when he tried to pin the blame on the chaotic state of the economy.
On Wednesday, Jerome Powell testified before the Senate on a number of issues, including the current state of the economy and the possibility of further interest rate hikes.
Mr Powell predicted that the Federal Reserve would have to raise interest rates again in order to curb inflation which has reached near record highs.
The Daily Mail reports: Basement Chairman Joe Biden again blamed inflation on ‘Putin’s price hike,’ moments after Federal Reserve Chairman Jerome Powell said Russia’s war in Ukraine is not was not the main driver of the rise in consumer prices.
I’m doing everything I can to dampen Putin’s price hike and lower the cost of gas and food,” Biden wrote in a tweet on Wednesday, touting the release of oil from strategic reserves. and efforts to help Ukraine export grain.
But earlier in the day, Mr Powell acknowledged that inflation was “certainly high” before Vladimir Putin’s war in Ukraine.
Would you say that the war in Ukraine is the main driver of inflation in America? Sen. Bill Hagerty, R-La, asked Powell. No. Inflation was high before, certainly before the war in Ukraine broke out,” the Fed Chairman replied.
Mr Powell said it would be fair to blame Europe’s high inflation on its transition away from Russian oil and gas, but that US inflation rates were a more complex matter of supply and demand. »