Federal Reserve Chair: Inflation to be ‘Elevated for Months’

Jerome Powell

Federal Reserve Chairman Jerome Powell tried to calm lawmakers’ fears about rising inflation but also said it would probably remain elevated for months to come.

Testifying before Congress this week, Powell said the Federal Reserve was willing to step in to address the situation, but that inflation should level out next year.

“As always, in assessing the appropriate stance of monetary policy, we will continue to monitor the implications of incoming information for the economic outlook and would be prepared to adjust the stance of monetary policy as appropriate if we saw signs that the path of inflation or longer-term inflation expectations were moving materially and persistently beyond levels consistent with our goal,” Powell said in his prepared testimony.

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Commentary: Critical Race Theory Discourse Is Political Gaslighting

Back of the Statue of Liberty

Happily, the spirit of American liberty seems to be awaking from its decades-long slumber.

Unless you’ve been living in an underground bunker for the past two years (I wouldn’t blame you too much if you had), you know there’s quite a lot of controversy over critical race theory (CRT). You also know that just as those who oppose it have started to gain some momentum in pushing back against it (like parents in Loudoun County, Virginia), legacy media shills all leaped into action, concern trolling about ordinary Americans’ alarm over this racist theory’s presence in their children’s schools. (See here, here, here, here, here, here, here, here, here, here, and here for 11 articles in two weeks on the RealClearPolitics homepage doing exactly that.)

This is a crystal clear example of what Michael Anton calls the “celebration parallax”: “a fact pattern is either true and glorious or false and scurrilous depending on who states it.” Thus, when CRT fanatics indoctrinate your children to hate America and to hate one another on the basis of their skin color, it’s a much-needed dose of hard medicine for a racist people whose country’s “very DNA” is racist (according to the “1619 Project”). But when you—a patriotic, decent American mom or dad—point out how evil a thing that is to say unironically, let alone teach to children and force on Americans across the country via human resources departments, it’s either not happening, or we’re overreacting, or opposing it will hurt the Right “in the long run,” or it’s innocuous and really just about “teach[ing] children that slavery is bad and racism still exists.”

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Commentary: Making Sense of the Post-Pandemic Economy

Guy on phone with stocks on computer screen

Are you having a hard time understanding why the housing market is heating up, and why the cost of essentials such as milk, eggs, and gas is climbing? Are you in the market for a used car? Then you know how expensive those are right now. And why can’t businesses find employees, yet millions remain unemployed? Economists agree the recovery isn’t like anything we’ve seen before. That’s because we’ve never had a situation before where the heavy hand of government shut down private enterprises on a nationwide scale. The market distortions are enormous. As states reopen, there is a herky-jerky feel to the economy that has many people unsettled.

Former Federal Reserve vice chairman Alan Blinder wrote in the Wall Street Journal recently, “the recovery is not linear. Rather, it is proceeding in fits and starts. Sales of physical goods, for example, dipped only briefly when Covid hit, recovered quickly, and are now well above their pre-pandemic levels. In stark contrast, businesses that deliver personal services, such as restaurants and hotels, suffered a devastating depression and are still below their pre-pandemic levels.”

By far the most uneven outcome so far since the economy crashed in spring 2000, besides the 7.6 million fewer jobs compared to pre-pandemic levels, has been inflation, which is up 5 percent the past 12 months.

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Elite Universities Hide Information on Funding From Ultraconservative Nation of Qatar

by Luke Rosiak   The nation of Qatar, a Sharia-law monarchy that has been accused of trying to influence other countries’ governments, gave $1 billion to elite American universities since 2011, according to Department of Education data. Some universities have refused to discuss where strings are attached to that money.…

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