Democratic Senator Joe Manchin Sounds Alarm About Inflation Threat
August 8, 2021 | District of Columbia, West Virginia
Sen. Joe Manchin (D-WV) has asked the Federal Reserve to taper its monetary stimulus.
Despite rising inflation, the Federal Open Market Committee — which oversees the execution of monetary policy in the United States — has so far declined to amend its near-zero interest rate target or scale back its $120 billion in monthly asset purchases.
Manchin argued in a Thursday letter to Fed Chair Jerome Powell that the stimulus is no longer merited given the American economy’s rebound:
With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy by continuing an emergency level of quantitative easing (QE) with asset purchases of $120 billion per month of Treasury securities and mortgage backed securities…. (Excerpts from The Daily Wire)
