New York (CNN Business) Democratic Senator Joe Manchin is taking the Federal Reserve to task over inflation. In a Thursday letter to Fed Chairman Jerome Powell, Manchin called for the US central bank to immediately reverse course and remove stimulus support for the economy before it overheats . “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,” the moderate lawmaker from West Virginia wrote. All bets are off if the Fed and White House are wrong about inflation Manchin credited Fed policies as “instrumental” to helping America avoid a long-term economic crisis from Covid. However, he urged Powell and other Fed officials to scale back the $120 billion worth of bonds the central bank is purchasing each month. “It is imperative we begin to understand that long term policy responses tailored for an economic depression,” Manchin wrote, “may not be what is required for today’s economy and could result in higher than desired inflation if not removed in time.” Read More Manchin’s critique was not exclusive to the Fed. The Democrat said he is “deeply concerned” that the Fed stimulus, on… Read full this story
- Here's why Manchin, Romney and Collins are about to wield serious Senate power
- The Spot: Coloradans’ role on a dark day, delegitimizing the election and Denver’s minimum wage goes up
- 2021 fears: Zoning, inflation, banditry, kidnapping, B/Haram, COVID-19
- Main Street, not Wall Street, is the clear winner from Georgia Senate runoffs
- Biden names Janet Yellen as his Treasury nominee
- Mike Pence is in a weird spot
- Why packing the Supreme Court would not be easy for Democrats
- List of Republicans breaking with Trump grows longer
- Cosby admitted he gave Constand pills on the night of the alleged sexual assault and they 'petted and fondled' on three different occasions - though he never had intercourse with her 'asleep or awake'
- Goldman Sachs predicts faster economic recovery after Democrats sweep Georgia
'Increasingly alarmed.' Joe Manchin goes after the Fed on inflation have 327 words, post on edition.cnn.com at August 6, 2021. This is cached page on The World Articles. If you want remove this page, please contact us.