Sen. Manchin Urges Fed To ‘Immediately Reassess’ Monetary Policy Amid Inflation

Sen. Joe Manchin (D-W.V.) has urged the Federal Reserve to immediately reconsider its actions on monetary policy and begin to “taper the Fed’s ongoing stimulus” in order to avoid “overheating” the economy. In his letter to Fed Chair Jerome Powell on Thursday, the centrist Democrat said he is “increasingly alarmed” at the Fed’s monetary policy, saying it may cause higher inflation. “With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy by continuing an emergency level of quantitative easing,” wrote Manchin. The Fed lowered short-term interest rates to near-zero levels last year and began purchasing $120 billion per month in government bonds to stabilize markets and support the economy after it was disrupted by the CCP (Chinese Communist Party) virus pandemic. Manchin said the federal government actions on asset purchases since June 2020, despite …Read More

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