This is from June of 2021. Here is the title.
In it Chairman Powell says the Federal Reserve expects inflation to be 3.4% year-over-year in the 4th Quarter of 2021…only a few months later. “Fed officials last week increased their median forecast for inflation this year. They project consumer prices in the fourth quarter of 2021 will rise 3.4% from a year before.”
The Actual number was 6.68%. In the first quarter of 2022 it was 8%. In the second quarter of 2022 it was 8.63%.
Off by a factor of 2. Destroying the middle-class. And the Fed is/was wrong by so very much it is embarrassing. But they never apologize. And the press treats the Fed. like royalty. And that is embarrassing.
Thanks for reading Steve Laffey's Substack--on the campaign trail! Subscribe for free to receive new posts and support my work.
My comments on that day as I got ready to do a radio show in 2021.