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Fox Business released a story earlier today regarding Federal Reserve Chairman Jerome Powell’s speech on Wednesday.

There has been an ongoing narrative from the Democrat Party to use phrases like ”Putin price hike” to blame the majority of inflation on the Russian invasion of Ukraine.

After Powell’s questioning it seems that that isn’t quite the case. Many Americans already suspected this but were afraid to say it for fear of being ”debunked” by left leaning political operatives with lots of power and influence.

Fox Business reports in part:

During a Senate Banking Committee hearing, Sen. Bill Hagerty, R-Tenn., got Powell to admit that inflation was high well before Russia’s Feb. 24 invasion of Ukraine. 

Hagerty noted that in December 2021, inflation has risen to 7% – up from 1.4% in January 2021, when President Biden took office. Since Russian tanks rolled across the border of Ukraine, inflation has risen incrementally to its current level of 8.6%. 

With these statistics stated, Hagerty asked Powell if he believed the war in Ukraine was the “primary driver” of inflation as the Biden administration has tried to portray.

Only time can tell if the White House accepts, denies or ignores the new narrative from the Fed.

UPDATE: Biden doubles down:

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