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Government

Bernanke Admits: Inflation Rising

Apr. 27, 2011 3:49pm Jonathon M. Seidl

While he did announce the Federal Reserve will end its second round of quantitative easing on schedule, Fed Chairman Ben Bernanke admitted that inflation will rise, which was the fear of those who criticized the program in the first place.

CNBC reports:

In his first regular news conference, Federal Reserve Chairman Ben Bernanke said the central bank was continuing its stimulus policy because it was projecting slower growth in the economy with only a modest uptick in inflation.

Wednesday’s event marks the first regularly scheduled news conference by a Fed chairman in the central bank’s 97-year history.

The Fed cut its growth estimate for 2011 to between 3.1 percent and 3.3 percent from a January forecast of 3.4 percent to 3.9 percent.

The Fed also raised its estimate of inflation this year to a range of 2.1 percent to 2.8 percent, taking into account a recent surge in oil prices. However, it bumped its core inflation forecasts only marginally to a 1.3 percent to 1.6 percent range.

That’s a much different picture than the Associated Press decided to paint:

The Fed downplayed inflation risks. It acknowledged a spike in oil prices, but concluded that the pickup in inflation will be temporary.

Fed Chairman Ben Bernanke spoke at a historic news conference after the meeting. It was the first time in the Fed’s 98-year history that a chairman has begun holding regular sessions with reporters.

Bernanke said Fed officials expect the moderate economic recovery to continue after weak growth in the first three months of the year.

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Comments (160)

spreadcommonsensenot pc
Posted on April 28, 2011 at 9:18pm
Colon “belch” Powell is a PROGRESSIVE——rino, republicrat, WEST IS NOT……

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spreadcommonsensenot pc
Posted on April 28, 2011 at 9:16pm
The more this lying bafoon spoke—-Gold/Silver rose……..hahahahaha

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Shamrock241
Posted on April 28, 2011 at 7:50pm
@ PatriotDave I am so sick of Beck and other people swooning over allen west, have all of you forgoten collen powell that’s right Republican collen powell served under George Bush everyone thought he would have made a good president to WELL LET ME JUST SAY THANK YOU POWELL FOR SHOWING YOUR TRUE COLORS, i bet he vote’s for Barry again.

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paintbrushbright
Posted on April 28, 2011 at 3:29pm
We have witnessed the economical crisis in this country and never had a warning from our government. The politicians either lied when reporting to the American people or were too complacent to get factual facts. How something so important could be covered up can only be explained by one word (greed). Pockets were being filled with other people’s money and bonuses were handed out to non deserving employees to justify legal thief. The razors edge of the law was invisible to harvesters of cash. The fire was out of control and the bucket brigade with full buckets of cash was moving so rapidly that most had fell to the ground before it was thrown on the fire. The arsonists called out to the government Politicians and said save us, we are too big to fall. The government said we must save the American people with the people’s money and the peoples IOU’s. No one went to jail for thief except Bernie Madoff but would he have went to jail if he was the president of a bank? Didn’t the banks and Mortgage Company’s do exactly what Bernie did? We are the only country in the world that has a government that insures thieves. Steal other people’s money and the money is replaced from the people they stole it from. The thieves are not punished but remain in power to commit the same crime. Has anything changed? How could anything change if the foxes are in the Henhouses? We are now witnessing the same reporting on the economy that we were getting before the last crisis. Bernanke and Geithner with the bright side of the stock marker and the need to increase the borrowing cap on the national debt. They tell us the economy is getting better then why must we borrow more money? The only expertise these two men have is numbers and numbers can be formulated to fit any opinion that a messenger wants to convey. The one thing that really tells the truth about the American economy is when the average middle class American opens up his wallet and exams its contents. Have you looked in yours lately?

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mandemsmom
Posted on April 28, 2011 at 2:42pm
I feel so much better now that he is actually admitting that inflation is a good thing. He is an avid student of the Great Deperssion and he knew exactly what he was doing. This jack a?# CAUSED the housing crisis with 17 incremental adjustments in the interest rates in ONE YEAR!!! His bad judgement was the catalyst in the whole economic crisis and I don’t think he knows how to close up that pandoras box he opened in 2008. Its a pity that the media hasn’t ratted him out on this.

To actually say that inflation is good- especially when the numbers he is using doesn’t account for the MASSIVE inflation we are already seeing in the everyday consmables (sp?) that every household uses! Cotton is up over 30%!!! Corn, pork, beef etc. That isn’t even counted by Mr. B and he says we are going to see inflation remain stable? What is stable about that? Oh yeah- he doesn’t count those kinds of things….. He doesn’t live in the real world.

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