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Federal Reserve Chairman Jerome Powell warned Americans on Friday that more pain was on the way as they tried to float President Biden’s sinking economy. And on CNN’s At This Hour, White House correspondent John Harwood flashed a sadistic streak, boosting the administration’s argument that all the pain and anxiety Americans were being subjected to was really for their own benefit down the line.
“[T]he Fed has two different mandates, one is to maximize employment, the other is to keep inflation at a reasonable level,” Harwood said, noting that the Fed had been mostly focused on “maximizing employment” out of fear of a “slow recovery from the pandemic.”
He added that Powell’s speech “was signaling that he is not going to be the Fed chair who eases up too quickly. He is determined – now that he has pivoted toward addressing inflation, he's going to get the job done.”