quote:
1. Recent data "shows lack of further progress on inflation"

2. Inflation has "introduced new uncertainty" on whether the Fed can cut rates later this year

WAIT A SECOND! One of the greatest financial minds our country has to offer told us this three years ago!

quote:
June 22, 2021

quote:
Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.

quote:
Most of the price gains have occurred in categories such as used cars, airplane tickets, and hotel rooms, Powell said, where demand has soared as the economy has quickly reopened, catching many companies flat-footed.

“Those are things that we would look to, to stop going up and ultimately to start to decline as these situations resolve themselves,” Powell said. “They don’t speak to a broadly tight economy — the kind of thing that has led to high inflation over time.”

Powell acknowledged that “these effects have been larger than we expected and they may turn out to be more persistent than we expected.” But he added that “the incoming data are very much consistent with the view that these are factors that will wane over time and then inflation will then move down toward our goals.”

quote:
Yet other officials echoed Powell’s views. Also on Monday, New York Federal Reserve Bank President John Williams, who also serves as vice chair of the Fed’s policymaking committee, said that currently high inflation is likely transitory.

“I expect that as price reversals and short-run imbalances from the economy reopening play out, inflation will come down from around 3% this year to close to 2% next year and in 2023,” Williams said.

HOW IS THIS POSSIBLE?! I full on LOLd at the last one.

The people in charge of our entire economy and money supply were so far off that it's scary. What makes it worse is that Average Joe Consumer basically knew that was BS from the start.

This post was edited on 4/17/24 at 12:21 pm