CPI - Peter Schiff Blasts Jerome Powell For Not Seeing The 'Stag' In Stagflation: 'Same Type Of Blindness' That Lead To 'Inflation Is Transitory' Misstatements | Benzinga
Renowned economist Peter Schiff has expressed skepticism over Federal Reserve Chair Jerome Powell’s dismissal of stagflation concerns.
What Happened: In a post on X, formerly Twitter, on Wednesday, Schiff criticized Powell’s inability to recognize the signs of stagflation. He compared this to previous Federal Reserve misstatements, such as underestimating the subprime crisis and inflation rates.
He said, “He sees neither ‘stag’ nor ‘flation.’ This is the same type of blindness that lead to prevision #Fed misstatements like ‘subprime is contained’ and “inflation is transitory.'”
At today's press conference #Powell said he has no idea where all the #stagflation talk is coming from. He sees neither "stag" nor "flation." This is the same type of blindness that lead to prevision #Fed misstatements like "subprime is contained" and "inflation is transitory." — Peter Schiff (@PeterSchiff) May 1, 2024
The post came after Powell’s press conference where he downplayed the possibility of stagflation, ...