Fed chair speaks to inflation concerns
Christopher Rugaber
The Associated Press
WASHINGTON Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.
Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. Republican House members have sought to blame higher inflation on President Joe Biden’s $1.9 trillion economic relief package, approved in March, in an effort to retake the House next year.
“The Biden inflation agenda of too much money chasing too few goods is causing major harm to hardworking families,” said Louisiana Rep. Steve Scalise, the second-ranking Republican House leader.
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