US makes confession about skyrocketing food and energy prices ...News

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US makes confession about skyrocketing food and energy prices
source : Russia Today ( News ) () 22
The Federal Reserve has no tools to deal with the problem, Jerome Powell says US Federal Reserve Chair Jerome Powell on Thursday vowed to do whatever it takes to tackle inflation but admitted he can’t control some cost spikes, including food and prices at the pump. Powell told the Senate Banking Committee he doesn’t expect gas or grocery prices to fall as a result of the Fed’s campaign of rate hikes. “There’s really not anything that we can do about oil prices,” Powell said, explaining that “they’re set at the global level.” According to the Fed chair, the Covid-19 pandemic and the war in Ukraine have added to inf

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