FOX Business host Larry Kudlow gives his take on Federal Reserve Chair Jerome Powell's speech and President Biden's economic policy on 'Kudlow.'
Wow. That’s your Fed head. I guess the key line is: doesn’t "tell you much about where inflation's really going." Really? No kidding. Can we review this for a second? $50 a barrel
I'm not going to bore you again tonight with our list of approximately 200 items -- and really many more -- throughout every nook and cranny of the economy derived from various refined petroleum products, but we’ll give you some of the golden oldie highlights. All jokes aside: oil prices impact diapers, plastic toys, soap, shampoo, baby clothes, life-saving products like pacemakers, MRI machines, and surgical instruments – it’s all tied to energy and Jay Powell doesn't think it’s an important inflation factor right now. Here's another quick point. The Fed publishes these five-year projections of the economy, just like the old Soviet five year plans and the Fed is about as accurate as the Soviet Union was.
The actual inflation rate in 2021 was around 5%, which is not zero and the next year, in 2022, it was nearly 6%. By the way, the CPI hit a peak of 9.1%. That is also not zero. Now, they're telling us that they expect to raise their target rate some more. That’s what Powell said today, but they're going to keep pausing. Now, I would suggest if you're going to raise the rates, then raise them now. Let’s get it out of the way.
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