Powell: U.S. could face more inflation ‘surprises’

[Counselor706]

The US economy is strong but faces an “uncertain” global environment and could see further inflation “surprises,” Federal Reserve Chair Jerome Powell said Wednesday.

In the first of two closely-watched days of testimony to Congress, Powell again stressed that the Fed understands the hardship caused by rising prices and is committed to bringing down inflation, which has reached a 40-year high.

The US central bank last week announced the most aggressive interest rate increase in nearly 30 years and promised more action to come to combat the price surge, with gas and food costs soaring and millions of Americans struggling to make ends meet.

“Inflation has obviously surprised to the upside over the past year, and further surprises could be in store,” the Fed chief told the Senate Banking Committee in his semi-annual appearance.

https://www.breitbart.com/news/us-could-face-more-inflation-surprises-feds-powell/

 

[Rightguide]

Biden spending will continue until November, further driving inflation upwards. The Fed has raised rates by 75 basis points when they probably should have started at 150 or 200 in order to remove a necessary amount of excess cash from the economy. So this is only going to get worse and with fuel prices rising at historic rates we could see a complete failure of the supply chain. Thanks Brandon!