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Federal Reserve Chairman Jerome Powell Warns About Recession; Debunks Biden's "Putin Price Hike" Spin On Inflation Powell made the comments Wednesday, at the Senate Banking Committee’s hearing on monetary policy and economic issues, in Washington D.C. United States President Joe Biden falsely blames the country's economic woes on factors like Russia-Ukraine war, and without evidence, on price gouging in the oil & gas industry. Administration officials dishonestly call current high inflation 'Putin price hike.' However, economists have debunked such claims, pointing out that Biden's green energy policy is the root cause of the high inflation and imminent recession ailing the economy. “I realize there are a number of factors that play a role in the historic inflation that we’re experiencing," Senator Bill Hagerty(R-Tennessee) said at the hearing Wednesday. "Supply chain disruptions, regulations that constrain supply, we’ve got rising inflation expectations and excessive fiscal spending. But the problem hasn’t sprung out of nowhere. In January of 2021, inflation was at 1.4%. By December of 2021, it had risen to 7%, a five-fold increase.” Hagerty continued: “Now, since the war in Ukraine began in late February, the rate of inflation has risen incrementally, another 1.6% to a current level of 8.6%. So again, from 7% to 8.6%. Given how inflation has escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America?” Powell responded: “No inflation was high before, certainly before the war in Ukraine broke out.” “I’m glad to hear you say that,” Hagerty replied. “The Biden administration seems to be intent on deflecting blame annd as recently as just this past Sunday spread the misinformation that Putin’s invasion of Ukraine is the biggest single driver of inflation. I’m glad you agree with me that that is not the truth.” Powell also admitted at the hearing, that the feds' effort to tame inflation by raising rates, could trigger a recession. “It’s certainly a possibility,” Mr. Powell said. “We are not trying to provoke and do not think we will need to provoke a recession, but we do think it’s absolutely essential” to tame inflation. https://www.keneci.com/more-on-hotfeed-keneci-channel#h.xodldy3hsj44