THEY KNEW IT WASN’T TRANSITORY!
THEY KEPT STIMULATING!
Mohamed El-Erian said it was the worst inflation call in the history of the Federal Reserve, as well as a 'high probability of a policy mistake.'
He's referring to Fed Chairman Jerome Powell's declaration at 2021's Jackson Hole Symposium that America's rising inflation problem would be 'transitory' – a term he reiterated multiple times afterwards, thereby doubling down on and putting his reputation on the line.
Powell mentioned inflation 89 times during that 2021 speech, so clearly Americans were already concerned about rising consumer prices. At that time, the Consumer Price Index felt excessive at 5.3%; few people actually understood that the CPI readings would soon get much higher, for a lot longer.
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THE TRUTH IS OUT: HYPERINFLATION AMERICA
THEY KNEW IT WASN’T TRANSITORY!
THEY KEPT STIMULATING!
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THE TRUTH IS OUT: HYPERINFLATION AMERICA
Mohamed El-Erian said it was the worst inflation call in the history of the Federal Reserve, as well as a 'high probability of a policy mistake.'
He's referring to Fed Chairman Jerome Powell's declaration at 2021's Jackson Hole Symposium that America's rising inflation problem would be 'transitory' – a term he reiterated multiple times afterwards, thereby doubling down on and putting his reputation on the line.
Powell mentioned inflation 89 times during that 2021 speech, so clearly Americans were already concerned about rising consumer prices. At that time, the Consumer Price Index felt excessive at 5.3%; few people actually understood that the CPI readings would soon get much higher, for a lot longer.