ANTONI: Biden’s Federal Reserve Is Preoccupied With Anything But Its Job

The U.S. Department of Labor’s latest report shows inflation raging, with consumer prices rising 7.0% in 2021. At that pace, prices will double in roughly a decade. In only a year, President Biden’s Federal Reserve (Fed) has presided over a four-fold increase in inflation. Despite price stability being the Fed’s duty, its Chairman, Jerome Powell, has been asleep at the switch, distracted by forays into left-wing fields.

Earlier in the year, Powell directed his attention away from the mounting inflationary crisis and instead decided to focus on “diversity.” Instead of acknowledging and confronting the monetary problem, inflation was brushed off as “transitory” while the Fed sought to appease far-left causes and spout political talking points.

As the disease of inflation infected more and more industries, the Fed was too busy lecturing the patient on diversity and couldn’t be bothered to administer the medicine it willfully withheld.

Powell’s latest political preoccupation is climate change. In his recent testimony before Congress, Powell obstinately made no admission of guilt for inflation’s dizzying rise, but instead turned his attention to topics beyond his purview.

Powell even said that climate policy will impact banks’ stress tests, which are supposed to indicate a financial institution’s ability to weather

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