The Federal Reserve and the Biden administration seem to have a very casual attitude toward inflation. When inflation started to draw some attention, the Federal Reserve’s official line was that it was transitory.
In June, Federal Reserve Chairman Jerome Powell said it was temporary, and John Williams, President of the New York Federal Reserve Bank, predicted inflation for 2021 to be around 3%. In response to this month’s inflation numbers, President Biden said this is the peak, and inflation should decline rapidly after this peak. He blames inflation on supply chain issues.
There is some truth to the claim that the current
