Summary:
In response to rising prices, Federal Reserve Chairman Jay Powell says the Fed will speed up the slowdown in purchasing assets. Huh? Of course, even if the Fed ceased today, we’d have a massive problem on our hands thanks to the tsunami of money loosed upon the economy in the past two years. But don’t count on that promise to stop inflating in March – at least not for very long.
Links:
Fed Chair Jerome Powell holds a press conference following FOMC meeting
Fed Chair Jerome Powell Press Conference Transcript December 15
Jerome Powell Speaks and the Markets Are Very Worried
Crying Wolf on (Hyper)Inflation?
Additional Reading:
The Theory of Money and Credit
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