Fed Chairman: Inflation Was High Before the War in Ukraine

At the end of May, Biden seized on an Oval Office meeting with Fed Chair Powell to argue that while fighting price increases is his top priority, that work was primarily the purview of the Federal Reserve.

“My plan is to address inflation. That starts with a simple proposition: respect the Fed, respect the Fed’s independence, which I have done and will continue to do,” Biden said.

Additionally, Biden placed the blame for Americans’ suffering squarely on the shoulders of Russian president Vladimir Putin and his “Putin Price Hike.”

Sen Bill Hagerty (R-TN) addressed the Biden narrative, noting that “the problem [of inflation] hasn’t sprung out of nowhere,” before asking Powell the following question:

“Would you say that the war in Ukraine is the primary driver of inflation in America?”

Powell’s response:

“No. Inflation was high, certainly before the war in Ukraine broke out.”