Failed Fed Chairman Jerome Powell Sinks Markets – Promises Pain Ahead for American Households and Businesses (VIDEO)

On Friday Jerome Powell spoke to investors in Jackson Hole, Wyoming.
The markets plunged during his talk.

Powell promised pain ahead for American households who are already struggling thanks to the Biden economic policies.

Inflation is at 8.6 percent, gas prices are at record highs under Biden, and the economy is in recession.

Jerome Powell: “(Our) overarching focus is to bring inflation back down to our 2% goal. While higher interest rates will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation.”

The markets immediately crashed during Powell’s remarks. The Dow is down 500 points today.

The Fed has been forced to raise interest rates under Joe Biden due to the Democrat Party’s runaway spending. This is something the Fed likes to do only duringr Republican administrations.

As reported earlier… Under Bush and Trump, the Fed increased rates numerous times. Their rate increases in 2006 and 2007 helped exacerbate the 2007 housing bubble crash. Their increases in rates under President Trump almost killed the economy in 2018, the strongest economy in US history. The rates for Obama and in the first months of the Biden regime were at zero with the exception of 2016, when the Fed increased the rates a quarter of a percent. Under President Trump, the Fed increased rates eight times before moving back to zero during the COVID crisis in 2020.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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