Bureau of Economic Analysis reveal | An important inflation measure reached its highest level since 1991;
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Lawmakers have been noting the threat that inflation poses to their constituents’ wages. Sen. Joe Manchin (D-WV) recently wrote to Fed Chair Jerome Powell.
- 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.
- 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.
- 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.
- Meanwhile, consumer-facing businesses have increased prices amid the high-inflation environment.
SOURCE: BEA.GOV
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