Fed Chair Jerome Powell pledged to do what’s necessary to contain an inflation surge in his confirmation hearing before Congress today.
He steered clear of sharing fresh details on the path of U.S. monetary policy https://t.co/RuJiXCC3ax pic.twitter.com/ovUa0vIRjR
— Bloomberg TV (@BloombergTV) January 11, 2022
Federal Reserve Chairman Powell says inflation poses ‘severe’ threat to job market
Federal Reserve Chairman Jerome Powell acknowledged Tuesday that high inflation is indeed a serious threat to the U.S. central bank’s goal of helping to get U.S. employees back to work.He also said the Fed will raise rates higher than initially planned if needed to slow rising prices, according to the Associated Press.
“If we have to raise interest rates more over time, we will,” Powell told the Senate Banking Committee, which is considering his nomination for a second four-year term, the wire service also reports. “High inflation is a severe threat to the achievement of maximum employment.”
Bulls, today the Senate Financial Services Committee told Powell he can't use QE anymore to bailout casino gamblers.
This IQ test only has one question.
True or False. This is a good idea? pic.twitter.com/GUDzSeD0kG
— Mac10 (@SuburbanDrone) January 12, 2022
In 3 months the Fed just tightened the equivalent of what took 5 years post-2008.
All because economists can't tell the difference between relative and absolute inflation.
In 2008, oil was DOUBLE what it is today.
aka. "Worst in 40 years".
Morons with no chance to survive. pic.twitter.com/y25yxU3Ymv
— Mac10 (@SuburbanDrone) January 11, 2022
This was the first S&P high NOT confirmed by the Wilshire nor by NYSE breadth (red line).
Meanwhile, new lows are climbing rapidly and the NYSE remains overbought.
Put it all together and crash risk is high. pic.twitter.com/3O9CLKIP7T
— Mac10 (@SuburbanDrone) January 11, 2022
Arkk ETFs represent a FAILED ALL IN bet that the cycle no longer exists. Those now betting on reflation trades are making the exact same ALL IN bet, at the end of the cycle.
History will say the the Fed et al. got fooled by their own stimulus. AGAIN.https://t.co/Rvhx9g6nJ4 pic.twitter.com/KykBlI9csz
— Mac10 (@SuburbanDrone) January 11, 2022
The #Fed's plan to fight 7% #inflation is to gradually raise interest rates to 2% by the end of 2023. But interest rates ended 2018 at 2.5%, with inflation at 1.9%. How can 2% be the appropriate rate to fight inflation when rates were higher when there was no inflation to fight?
— Peter Schiff (@PeterSchiff) January 11, 2022