Keneci Network (@keneci)

U.S. Federal Reserve Chairman Warns Of Worsening Inflation Outlook: It's not transitory Jerome Powell told United States Senate Banking Committee Tuesday, that the threat of persistently higher inflation has grown, contrary to other Biden administration's left-wing officials and economists who had claimed it is a transitory trend. Inflation hit a 30-year record in October, with consumer prices rising by 6.2 percent. It was the fifth consecutive month the Labor Department reported inflation exceeding 5 percent. “I think the word ‘transitory’ has different meanings to different people,” Powell said his in testimony. “To many, it carries a time — a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation. I think it’s probably a good time to retire that word and try to explain clearly what we mean.” The Chairman said the Federal Reserve is committed to using its tools to bring it down over time. “We understand that high inflation imposes significant burdens, especially on those less able to meet the higher costs of essentials like food, housing, and transportation,” Powell said. “We are committed to our price-stability goal. We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched.” Markets reacted negatively to the Chairman's comment. It put a stop to a record-breaking surge for Ethereum. The cryptocurrency fell from an all-time high of $4,758 to roughly $4,500. The Dow Jones Industrial average also tumbled over 650 points, or 1.8%, while the S&P 500 and Nasdaq Composite slipped 1.9% and 1.5%, respectively. https://www.keneci.com/read-more-hotfeed-on-keneci-channel#h.cw44qupfg5ih