WASHINGTON, June 24 — Federal Reserve Chair Jerome Powell on Thursday downplayed the idea that government pandemic aid was the key factor fueling US inflation, instead blaming a confluence of global issues including the war in Ukraine.
Opposition Republicans have blamed President Joe Biden’s US$1.9 trillion American Rescue Plan approved last year for the blistering price increases. “Pretty much. That’s a pretty good description,” Powell said in the second day of his semi-annual testimony to Congress.
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