Senator Manchin Hammers on Powell to Back Off Money Printing, as Biggest “Inflation Momentum in 30 Years”

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Wolf Street: Joe Manchin, Democratic Senator from West Virginia, sent a letter today to Fed Chair Jerome Powell in which he, after the required good-job and thanks-for-saving-the-universe-as-we-know-it, hammered on Powell to get off the money-printing binge that is causing “the most inflation momentum in 30 years.”

“And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a [c]denarius, and three quarts of barley for a denarius …” Revelation 6:6

“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,” Manchin wrote.

“The Fed has sustained $120 billion per month in asset purchases since June 2020, despite increasing vaccination rates to combat the virus and additional fiscal stimulus from Congress in the ARP,” he wrote in the letter.

“The record amount of stimulus in the economy has led to the most inflation momentum in 30 years, and our economy has not even fully reopened yet,” he wrote. Read More

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