Powell's Not Sweating The Variant

Could there be a rift developing between the Biden administration and the Federal Reserve?   July 28, 2021 advertisement   Crypto Expert: This is only the beginning- What You Need to Know Right Now

Today's Top Stories From the Breitbart News Desk Could there be a rift developing between the Biden administration and the Federal Reserve? Donald Trump, of course, famously feuded with the Fed, particularly after it was taken over by his appointee. The man who once made a living telling people they were fired seemed particularly irked that at least some of his hires were harder to shove off into the ether than his television apprentices. Trump's disputes with Jerome Powell gave the establishment media fainting spells and produced many an article caterwauling that such things were unprecedented when, in fact, they were entirely precedented. Even when Trump insisted that he was simply disagreeing with Powell, the establishment media insisted he was threatening the independence of the central bank. It was one of the clearest instances of the media deciding that something was particularly awful simply because it was Trump who was doing it. Up until today, the successor president and the legacy Fed chairman have appeared to be singing from the same hymnal. Both have agreed that inflation is "transitory" and that the big jumps in consumer prices we are seeing are because of the extraordinary surges in the prices of things such as cars or products and services in demand due to the reopening of the economy. (Never mind that because of the severity of the lockdowns and social distancing rules, almost every product and service is experiencing a reopening demand surge.) Powell has repeatedly said that the recovery is far from complete, which has been useful to the Biden administration's push for trillions of more spending. So what's changed? Our speculation of a growing rift arises because even as the Biden administration and Democrat lawmakers are increasingly sounding the alarm about the new coronavirus surge, Powell took a very different tone at his press conference on Wednesday. The Biden administration is urging America to mask up once again, talking in dire tones about the return of the demon covid. But Powell, in the words of Politico's Victoria Guida, "isn't sweating it." Asked about the potential economic impact of the surge, Powell downplayed the risk. "With successive waves of Covid over the past year, there has tended to be less in the way of economic implications from each wave," Powell said. "We will see whether that is the case with the Delta variety, but it's certainly not an unreasonable expectation." Powell even went so far as to say, "We've kind of learned to live with it." When that same thought was uttered by Trump, it was hidden behind a warning by Twitter and removed by Facebook altogether because it was too dangerous for public consumption. The establishment media howled in outraged fact-checking, pronouncing Trump's opinion "faulty." Of course, all thoughts are less awful to the establishment media when it is not Trump uttering them. So Powell's words were taken as a sensible interpretation of recent events. But make no mistake: the Fed chair is no longer marching in lockstep with the Biden administration. – Alex Marlow & John Carney Breitbart News Network

TOP STORY

Powell Downplays Delta Variant Risk to Economy: 'We Learned To Live with It'

The Federal Reserve chair Jerome Powell appeared to indicate that the central bank is less concerned about another wave of covid infections than it had been about earlier waves. Powell pointed out that the second wave of infections that hit last summer had less of an economic impact than expected, in part because the states did not impose as severe lockdowns and because many households and businesses had adjusted to better deal with the pandemic. "If you remember the summer wave last year, which was largely southern and western states, the economy just performed much better than anyone expected," Powell said in a press conference following the Federal Open Market Committee's two-day monetary policy meeting. [Click here for more]

IN OTHER STORIES...

Federal Reserve Shrugs Off Inflation Fears, Says Economy Is Strengthening

The Federal Reserve largely shrugged off inflation fears while saying Wednesday that the U.S. economy is strengthening. "Inflation has risen, largely reflecting transitory factors," the Fed said in its monetary policy statement. The Fed said the economy is making progress on the Fed's employment and inflation goals, a small step toward... [Click here for more]

U.S. Coronavirus Death Rate Is Still Roughly at Pandemic-Low

The United States' coronavirus death rate is still roughly at a pandemic-low, as the Centers for Disease Control and Prevention (CDC) recommended Tuesday that vaccinated individuals and children wear masks indoors. According to Google's coronavirus tracking system on July 26, 275 people are dying from the virus on a seven day average, while overall infection... [Click here for more]

Bidenflation: 3M CFO Says 'We Are Raising Prices Everywhere'

While Biden administration officials and President Biden himself have sought to play down inflation, executives from many of America's biggest companies have been talking to investors about the impact rising costs of materials and shipping are having on their businesses. Executives at 3M have doubled their forecast for the minimum impact inflation will have on the costs of their business, saying that prices are rising for... [Click here for more]

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