Federal Reserve Chairman Jerome Powell delivers testimony today before the Senate Banking and Finance Committee.  During his statements Powell says, “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 continued, “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.“… “We will continue to make our decisions meeting by meeting.” …  “Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy.”Everything about the testimony to the Senate, and almost everything within the questioning as presented, ignores the key and central component that inflation is being driven by energy policy.   The scale of the pretending around this issue is jaw dropping.

Inflationary Gaslighting – Fed Chair Says Interest Rates “likely to be higher than previously expected”… – The Last Refuge