El Salvador’s President Naib Bukele commented on a recent report by Federal Reserve Chairman Jerome Powell on “temporary inflation.”
Nayib Bukele reacted to the recent
statement head of the Federal Reserve System (FRS), which details Jerome Powell’s comments on inflation. After that, the President of El Salvador asked the head of the Fed
to stop “Print so much money out of thin air.”
On November 30, it became known about the report of the FRS chairman to the Senate Banking Committee. Democrats and Republicans have expressed concern about high prices and inflation. The chairman of the central bank has abandoned the definition of “temporary inflation” to describe the current high inflation, which has remained a problem in the US in recent months. He added that the Fed should begin phasing out its bond buying scheme ahead of its planned mid-2022. According to recent
reports, the Fed’s balance sheet is $ 8 trillion.
Economic Research Division of the Federal Reserve Bank of St. Louis (FRED), adjusted 5-year inflation rate [T5YIE] in November exceeded 3%. This is the highest figure in the last two decades. The consumer price index, which measures the average cost of goods, is also at an all-time high.
According to a recent statement by the head of the Cumberland Group, Chris Zuehlke, the Fed’s accommodative policy, which has driven consumer price inflation by 6.2% over the past 12 months, will continue. Therefore, investors who have used Bitcoin to hedge inflation will be able to continue with this strategy.
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