Philadelphia Fed Pres: Inflation Caused By ‘Perfect Storm’ Including ‘Policy Decisions’

  • Federal Reserve Bank of Philadelphia President Patrick Harker on Thursday discussed the problems high inflation was causing Americans and gave his take on what has caused what he described as “a period of tremendous hardship for Americans.”
  • President Biden has often blamed Russia’s invasion of Ukraine for inflation – often using the phrase “Putin price hike” – and the COVID-19 pandemic.
  • He has been reluctant to admit that decisions by U.S. government officials had anything to do with it.