Tipsheet

The Fed Chairman Just Blew Up Biden's Narrative on the 'Putin Price Hike'

Katie Pavlich
Katie Pavlich  |  June 22, 2022 2:15 PM

UPDATE: President Joe Biden again falsely contradicted Powell during his speech at the White House Wednesday afternoon. He also blamed oil companies for high prices. 

***Original post***

Testifying in front of the Senate Banking Committee Wednesday, Federal Reserve Chairman Jerome Powell cut down the Biden administration's main argument and explanation for inflation. 

"No, inflation was high, certainly before the war in Ukraine broke out," Powell said. 

The comments came just hours before a planned speech at the White House from President Biden. On the official schedule, his remarks are previewed as, "The President delivers remarks on gas prices and Putin’s Price Hike." 

The "Putin's price hike" narrative is used by administration officials multiple times per day and has been adopted by Democratic allies on Capitol Hill. The data, however, tells a different story. Inflation is a result of Biden's $1.9 trillion American Rescue Plan, which was passed solely by Democrats in early 2021.    

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And while President Biden gets pummeled in the polls by inflation, Powell didn't have good news on that front either. Expectations are things will get much worse before they get better.