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The New York Sun/Lawrence Kudlow/5-5-2022
“The Fed chairman backed off aggressive rate hikes and he backed off aggressive bond sales from the Fed’s portfolio to curb the money supply. He basically sounded like President Biden, blaming inflation on Vladimir Putin and Covid rather than excessive federal spending, borrowing, deficit finance, and money printing. As I said yesterday, Mr. Powell is the non-Volcker. The Fed institutionally will never admit its mistakes.”
USAGOLD note: The markets, in our assessment, have barely reacted to Powell’s revelations at his press conference last Wednesday, though Kudlow neatly sums things up in the snippet above.
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