CPI - Peter Schiff Calls Out Jerome Powell Over Rate Cut Reversals: Fed Chair Knows 'CPI Will Never Return To 2%' | Benzinga
Peter Schiff, a well-known economist, criticizes Federal Reserve Chair Jerome Powell for his apparent shift in stance on interest rate cuts. This comes after recent Federal Reserve meetings signaling potential rate reductions.
What Happened: On Tuesday, Schiff took to X, formerly Twitter, to express his views on Powell’s change in stance. He noted that in the November press conference, Powell stated that the Federal Open Market Committee (FOMC) wasn’t contemplating reducing interest rates. However, in the latest conference, not only did Powell discuss rate cuts but it seemed like FOMC members have been considering cuts for a while.
At the last press conference in Nov. #Powell said that #FOMC members weren't even thinking about cutting interest rates. But at today's press conference not only did Powell talk a lot about cutting rates, but its apparent FOMC members have been thinking about cuts for some time. — Peter Schiff (@PeterSchiff) December 14, 2023
Schiff said that Powell “opened the door to a return to QE [Quantative Easing].”
At today's press conference #Powell opened the door to a return to QE. While he said FOMC members weren't talking about that yet (last month he said the same thing about rate cuts), ...