At least the guy admits what some of have known….
His efforts to drive down the American inflation is NOT working….
I’m no economist…
The Fed is bneating down the housing market and the Stock Market with the interst hikes….
Consumer prices ARE still thru the roof….
When Powell goes out to eat he’s bound to see ‘Help Wanted’ signs in store windows….
People gotta stop countering with the gas prices are dropping, which they are…
Lower transportation costs ain’t dropping any prices for the stuff delivered to stores…
We have a Recession starting already…
The Fed might be actually making things worst….
“It’s very hard to say with precise certainty the way this is going to unfold,” Powell told reporters this week. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be.”
Public confessions of doubt are rare in official Washington. But they have become commonplace for Powell, 69, whose candor reflects the uncertainties shrouding the global economy as well as a revolution in Fed communications since the days when then-Chairman Alan Greenspan cultivated an image of singular economic mastery….
Indeed, no one has seen an economy like the current one. Snarled supply chains. Soaring global food and fuel prices, triggered by Russia’s invasion of Ukraine. Rolling factory shutdowns in China resulting from an unpredictable pandemic.
The cumulative impact has repeatedly surprised Fed prognosticators, Wall Street analysts, White House officials and corporate executives. Current inflation readings are “not where we expected or wanted to be,” Powell conceded this week.
Even with the additional, planned rate hikes, the Fed does not expect annual inflation to return to its 2-percent price-stability target before late 2025.
“You have to make your best guess with limited data and limited understanding,”…..