Russia’s military operation in Ukraine is not the ‘primary driver,’ Jerome Powell told lawmakers The chairman of the US Federal Reserve has rejected the White House’s assertion that soaring inflation in the country is mostly being driven by the crisis in Ukraine. During a Senate hearing on Wednesday, Jerome Powell pointed out that inflation was high even before Russia attacked its neighboring state. He was responding to a question from Senator Bill Hagerty of Tennessee, who said the situation with prices in the US had many driving factors, including “supply-chain disruptions, regulations that constrain supply… ri
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