Federal Reserve Chair Admits His Confidence Is Rattled as Wholesale Inflation Unexpectedly Surges
Federal Reserve Chairman Jerome Powell said Tuesday that his confidence has weakened that inflation is under control.
His comments made at a bankers’ conference in Amsterdam came the same day that the Labor Department reported that wholesale prices jumped 0.5 percent in April, the largest increase since April 2023.
Wholesale prices are tracked by the Producer Price Index, which measures the selling prices producers of goods and services receive.
CNBC: Wholesale inflation rose MUCH more than expected in April.
That’s Bidenomics! pic.twitter.com/NbVUyS3zVP
— RNC Research (@RNCResearch) May 14, 2024
Powell first told the bankers that the U.S.
