Biden Economic Adviser Blames Russia & Covid for Inflation, Won’t Comment on Federal Reserve Being Behind the Curve

EXCERPT:

ROUSE: "I’m not going to comment on Federal Reserve policy, that is the independence that we here at the White House have from the Federal Reserve. But I will say that the inflation we’re facing right now is due to the pandemic which was 100 — you know, that once-in-a-100 year catastrophe, which affected the entire world. It's why we see inflation afflicting — it is a global problem. It has been exacerbated by Russia’s unprovoked war against Ukraine. So, the Federal Reserve has been looking at the data from a position where our economy is very unusual because we just haven’t been here before. But they are focused on trying to address this. Yes, it's not a given that they will be able to pull this off without causing — without causing recession, but because of the buffer that was generated by the historic growth we had last year, the very strong labor market that we’ve got, there is a path by which we can — the Fed could generate what Alan Blinder, a colleague of mine at Princeton — I'm professor at Princeton when I'm not working at the White House — has called a softish landing. So, there is a path. Not to say that it will be easy, but that is what they are attempting do."