Sen. Joe Manchin raised alarms about inflation in a letter to Fed Chairman Jerome Powell on Thursday, calling on the central bank to start reversing the emergency support it has provided during the pandemic
WASHINGTON—Sen. Joe Manchin raised alarms about inflation in a letter to Fed Chairman Jerome Powell on Thursday, calling on the central bank to start reversing the emergency support it has provided during the coronavirus pandemic.
“I am deeply concerned that the continuing stimulus put forth by the Fed, and proposal for additional fiscal stimulus, will lead to our economy overheating and to unavoidable inflation taxes that hard working Americans cannot afford,” he wrote. Mr. Manchin lauded the Fed’s response to the pandemic last year but warned of overstimulating an economy that doesn’t need “policy responses tailored for an economic depression.” He asked Mr. Powell and the Fed’s rate-setting committee “to immediately reassess our nation’s stance of monetary policy and begin to taper your emergency response immediately.”The U.S.
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