Reports: Biden begging Federal Reserve’s Powell to curb inflation

OAN Newsroom ^ | July 19, 2021 | OAN Newsroom

[Doofer]

Joe Biden has reportedly begged the U.S. Central Bank to curb inflation that has been spiraling out of control under his watch. According to reports on Monday, Biden asked Federal Reserve Chair Jerome Powell to do “whatever it takes” to control inflation.

According to reports, Biden officials have been worried that skyrocketing consumer prices would further erode his waning popular support. U.S. inflation rose 5.4 percent year-on-year this month, which was way above the Federal Reserve’s two percent target.

However, Biden and his officials have refused to admit that inflation poses a problem.

“We’ve seen some prices increases. Some folks have raised worries that this could be sign of persistent inflation. But that’s not our view,” Biden claimed. “As I made clear to Chairman Powell of the Federal Reserve when we met recently, the FED is independent.”

Central Bank experts say the FED could raise interest rates to contain inflation. However, such a move would also increase interest payments on U.S. national debt, which is nearing $30 trillion and could make deficit spending worse.

[billyboy15]

The solution to rampant inflation is simple.

The Fed will simply report phoney numbers and make the problem go away.

[blueplum]

Biden doesn’t seem to be good at much except eating ice cream cones

[Track9]

I hate when that idiot uses the word ‘folks’ as if we’re on some kind of consensual friendship arrangement.

[avital2]

Biden needs to take responsibility for out of control spending, including unemployment subsidies that encourage people not to go back to work which leads to supply chain difficulties which lead to higher prices. with the drop in oil prices in last few days and more people returning to work, inflation should ease a bit.

[JonPreston]

The solution to rampant inflation is simple

Just make a bottle of soda 10 oz rather than 12 oz & charge the same amount.

ShrinkFlation, it's like magic and the Stupids have no idea!

[Cowgirl of Justice]

obama did the same thing. They think we think it makes them one of us hillbillies.

[djpg]

He raises taxes, increases spending, and thinks that inflation will not occur. He thinks that, when it does occur, government action can take the inflation away without negative consequences. And he pushes for a huge “infrastructure” bill at the same time. What an irresponsible fool.

The press is helping him, though. They attribute the stock market decline to everything except inflation concerns.

[EBH]

But the dynamics of the current landscape, in which the economic damage from the Covid-19 pandemic has been felt most acutely by lower earners and minorities, make this dance with inflation an especially dangerous one.

“If you have to prematurely abort this recovery because we’re going to have a kneejerk stop, we’re going to end up hurting most of the people that these policies were enacted to help the most,” Paulsen said. “It will be those same disenfranchised lower-comp less-skilled areas that get hit hardest in the next recession.”

https://www.cnbc.com/2021/03/20/the-fed-can-fight-inflation-but-it-may-come-at-a-cost.html

“Most [selloffs] are associated with a strong economy and rate hikes from the Fed or were a rebound coming out of a recession,” Hartnett wrote. “These episodes underscore low risks today, but rising risks when the Fed finally capitulates and starts hiking.”

Hartnett added that the market should trust Powell when he says policy is on hold.

“The economic recovery today is still in early stages and troublesome inflation is at least a year away,” he said. “The Fed is not even close to hiking rates.”

[Pete Dovgan]

So…..the biggest driver of inflation is the devalue of Fiat currency.
That devalue is secondary to low interest rates (the bridal placed to slow Trumps economy) and government massive spending.

Increase interest rates. Stop paying people to sit on their butts. Stop spending more money than you take in. Balance the budget.

The problem is you can’t payoff the Chinese for getting you in if you balance the budget and your new green deal isn’t passed. Further, you can’t balance the budget if you don’t have people go back to work, and/or you bring in more mouths to feed for votes.

It’s really not complex.

[McCarthysGhost]

Only other politician in recent memory that uses “folks” is Obama. It’s sort of a tell.

[Yo-Yo]

Hey Joe, stop spending twice the money you take in, and inflation will be curbed.

[AndyJackson]

Price increases are not a sign of inflation. They are inflation..

[Sooth2222]

Joe Biden has reportedly begged the U.S. Central Bank to curb inflation that has been spiraling out of control under his watch. According to reports on Monday, Biden asked Federal Reserve Chair Jerome Powell to do “whatever it takes” to control inflation.

I don't believe this story. Biden might not be able to remember what Paul Volker did to curb inflation, but there must be someone in his administration who does. (Or at least remembers some basic Macroeconomics.)

The Federal Funds rate peaked at 22.36% in 1981.

That would kill inflation, but also kill the currently booming economy.

Interest payments represent nearly 9% of federal spending at the current low interest rates. A massive increase in interest rates would require either massive spending cuts or massive tax increases.

Enjoy the ride!

[nesnah]

The Fed will raise interest rates. Been waiting for this.

[Vision]

That’s hard to believe when all Biden wants to do is spend money he prints.

[bert]

No citation of any source at all

[billyboy15]

“Just make a bottle of soda 10 oz rather than 12 oz & charge the same amount.”

This has been happening for literally decades.

[srmanuel]

That’s exactly what will happen and it will tank the parts of the economy that have been recovering and cause a major sell off of the stock markets, the economy is not a zero sum game if you screw up with be area it will be felt in other areas

[Blue Highway]

And they both use that stupid whisper, which I’m guessing is to subliminally get people to think they really care about them as if they are their closest and bested buddies. Sickening!!!