Powell Contradicts Biden on Inflation: ‘Running Too High’ Rather Than ‘Hardly at All’

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In his much-anticipated remarks on the economy following the Fed’s policy meeting that saw another jumbo interest rate hike to tame soaring prices, Federal Reserve Chair Jerome Powell said inflation was “running too high,” contradicting President Joe Biden’s recent assertion that prices had risen “just an inch, hardly at all.”

Powell’s press conference on Sept. 21 followed a decision by the Federal Open Market Committee (FOMC) to hike rates by another 75 basis points, bringing the benchmark lending rate to a range between 300 and 325 basis points, or 3.00–3.25 percent.

“The Committee is highly attentive to inflation risks,” the FOMC statement said, with Fed Funds futures contracts expecting the central bank to deliver another 75 basis point hike in November to further ease price pressures.

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