White House Press Secretary stated that no one could have predicted inflation would soar to record highs.
“As a result of President Putin’s invasion of Ukraine and the impact on the global energy markets — those are all steps and impacts that I don’t think that anyone could’ve predicted a year ago,” Psaki said.
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The US has faced the highest inflation rate in the past four decades, and we can’t see its end.
Even though that’s a lie, the current inflation rate is 8.5%; Biden said that his priority is fighting inflation. Gas prices also skyrocketed before Putin’s invasion of Ukraine, and economists said that inflation would not be transitory.
PutInflation in context pic.twitter.com/onADmgZWqi
— zerohedge (@zerohedge) April 12, 2022
“Calling inflation “transitory” was a historically bad move for the Federal Reserve, according to Allianz Chief Economic Advisor Mohamed El-Erian.” CNBC reported.
“The characterization of inflation as transitory is probably the worst inflation call in the history of the Federal Reserve, and it results in a high probability of a policy mistake,” the former Pimco CEO and current Queens’ College president said
“So, the Fed must quickly, starting this week, regain control of the inflation narrative and regain its own credibility,” he added. “Otherwise, it will become a driver of higher inflation expectations that feed onto themselves.”