Senator John Kennedy from Louisiana grills top Biden economic officials about inflation “ravaging our people”.
The Daily Caller reported on the discussion between Senator Kennedy and FED Chief Powell and Secretary of Treasury Yellen.
Republican Louisiana Sen. John Kennedy pressed Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen on the continuing rise of inflation on the Senate floor Tuesday.
“Is the Fed considering increasing the pace of its tapering? We’ve got to get control of inflation, it’s ravaging our people,” Kennedy told Powell.
“I think what we missed about inflation was we didn’t predict the supply side problems and those are highly unusual and very difficult. Very nonlinear and it’s very hard to predict those things,” Powell replied. “But that’s really what we missed and that’s why all of the professional forecasters had much lower inflation projections.”
Powell said the Fed will discuss at a December meeting whether it is “appropriate” to finish their taper purchases and accelerate their tapering a few months earlier than scheduled, due to inflated pressures and the supply chain issues.
See the exchange below:
Inflation is at a three-decade high under Biden.