Fed Chair Jerome Powell Appears to Debunk Narrative that Russian War is Main Cause of Inflation

Fox Business released a story earlier today regarding Federal Reserve Chairman Jerome Powell’s speech on Wednesday.

There has been an ongoing narrative from the Democrat Party to use phrases like ”Putin price hike” to blame the majority of inflation on the Russian invasion of Ukraine.

After Powell’s questioning it seems that that isn’t quite the case. Many Americans already suspected this but were afraid to say it for fear of being ”debunked” by left leaning political operatives with lots of power and influence.

Fox Business reports in part:

During a Senate Banking Committee hearing, Sen. Bill Hagerty, R-Tenn., got Powell to admit that inflation was high well before Russia’s Feb. 24 invasion of Ukraine. 

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

Only time can tell if the White House accepts, denies or ignores the new narrative from the Fed.

UPDATE: Biden doubles down:

I’m doing everything I can to blunt the Putin Price Hike and bring down the cost of gas and food.

I led the world to coordinate the largest release from global oil reserves in history, and I’m working to get 20 million tons of grain out of Ukraine to help bring down prices.

— President Biden (@POTUS) June 22, 2022

The price of gas is up by almost $2 a gallon since Putin accelerated his military build-up, and those high prices pose a challenge for working families.

Today, I'm calling on Congress to suspend the federal gas tax for three months to provide Americans some much-needed relief.

— President Biden (@POTUS) June 22, 2022