.larry_kudlow: Jerome Powell should not try to explain the unexplainable
FOX Business host Larry Kudlow weighs in on Federal Reserve chairman Jerome Powell's announcement on interest rates on 'Kudlow.'
Federal Reserve Chairman Jerome Powell speaks to the Senate Banking, Housing and Urban Affairs Committee, as he presents the Monetary Policy Report to the committee on Capitol Hill, Wednesday, June 22, 2022, in Washington. So, that sounds tough, right? Plenty of Paul Volcker hair on Jay Powell's chest. But wait a minute, just a little bit later, Mr. Powell said this: So I would say as we come closer to that level, move more into restrictive territory, the question of speed becomes less important than the second and third questions, and that's why I've said it the last two press conferences that at some point it will become appropriate to slow the pace of increases.
Fact is, Mr. Powell, who is not a bad person — he’s probably trying as hard as he can to get through a tricky situation, should not go before the press and should not try to explain what is unexplainable because the Federal Reserve models are highly inaccurate with a terrible track record. Remember last year? There was no inflation. Then there was a teensy bit, but it was transitory. Then there was a lot more, but it was still transitory.
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