https://dailycaller.com/2023/01/14/opinion-wokeness-is-slowly-hollowing-out-the-fed-ej-antoni/
Are you wondering why checking out at the grocery store these days feels like making a mortgage payment? This week’s four-decade-high inflation is a direct result of the Federal Reserve taking its eye off the ball over the last two years. Instead of focusing on its mandate of keeping prices stable, it has been more concerned with financing massive federal deficits and kowtowing to liberal ideology.
But now the Fed chair is claiming just the opposite.
Chairman Jerome Powell recently said in Stockholm that the Fed must avoid politics to maintain its independence, which is absolutely true. But it is the opposite of what the Fed has done under President Joe Biden.
Powell and other Fed members have routinely opined about climate change, diversity, equity and other left-wing talking points — all while they called inflation transitory. Powell opened Pandora’s box as soon as he jeopardized the Fed’s independence with these political talking points.
The recent change in tone from Powell would be welcome if it did not have the hollow ring of rhetoric behind it. The Fed chair rightly said, “Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate-based goals.” He continued, “We are not, and will not be, a ‘climate policy maker.’”