Sen. Kennedy warns about 'pernicious' inflation under Biden: 'A cancer on the American dream'
Fox News
Sen. John Kennedy, R-La., dissected Federal Reserve Chair Jerome Powell's response to questioning during a Senate committee hearing on 'The Faulkner Focus.'
JOHN KENNEDY: Chairman Powell is just doing his job. President Biden persists in saying that, my words not his, a honey bun costs $20 and your 401(k) is crashing because the economy is so good. No one believes that because it's not true and the American people aren't stupid. President Biden's inflation is pernicious. It is a cancer on the American dream, and we're not going to get it down without costing millions of people their jobs unless Congress helps on the fiscal side by reducing the rate of growth of spending and reducing the rate of growth of debt accumulation. And Powell knows that. He can't say it. And anyone who knows an economics textbook from an L.L. Bean catalog knows that.
Powell stressed on Tuesday that central bank policymakers are prepared to raise interest rates higher than previously expected and pick up the pace of increases in the face of hotter-than-expected economic data.
"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Powell said in remarks prepared for delivery before the Senate Banking Committee. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."