The 16th President of the Federal Reserve, Jerome Powell, delivered a speech this morning in Jackson Hole, Wyoming, for the Fed’s economic summit stating the Federal Reserve will raise interest rates and hold them at higher levels until inflation is under control. Powell warned the process could “also bring some pain to households and businesses.”
“Those are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”
“We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%,” Powell said, suggesting that “restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy.”
“In essence, Powell is clearly stating that right now, fighting inflation is more important than supporting growth,” said Jeffrey Roach, the chief economist at LPL Financial.
In other words, he’s going for higher interest rates, a slowed economy, trouble in the housing market, and businesses to lower the inflation manufactured by Joe Biden and his team of incompetents.
To all those 81 million who allegedly voted for him, please don’t do this again.
Following Federal Reserve Chair Jerome Powell’s warlike message at the annual Jackson Hole symposium, Atlanta’s Fed Bank President Raphael Bostic expanded on the economic “pain” Americans should brace for.
“I think the chair was trying to prepare people for the possibility that as the economy slows down, we might have some job loss and we might have some slow down in business, but we don’t know exactly how much there will be,” Bostic told FOX Business’ Edward Lawrence in an interview on “Varney & Co.” Friday.
“My hope is that if that happens, it will be a relatively mild impact,” the president continued. “I don’t think it’s in our interest to have people be surprised if that comes to pass.”
This is happening because Joe Biden is destroying our energy sector and spending wildly. There is no end to the communistic spending he will engage in to buy votes. He’s also completely bought into the Bernie Sanders-AOC agenda.
Biden constantly sends millions and billions to Ukraine while keeping our borders open. Why aren’t Americans complaining? How does this horrible president have 37% to 40% favorability? He’s unintelligent, arrogant, and has dementia, to boot.