Sen. Rick Scott (R-FL) called on Federal Reserve Chair Jerome Powell to “stop ignoring the harmful impacts of inflation on American families and lay out a clear plan to address the crisis created by President Biden and Democrats’ reckless spending.”
Scott’s statement on Monday coincides with reports of rising prices received by U.S. businesses for goods and services. Prices rose 6.6 % in May at the fastest annual pace recorded in 11 years of data, Breitbart News reported on Tuesday.
Both Treasury Secretary Janet Yellen and Powell have said they expect inflation to work itself out in the coming months.
“For months, we’ve seen Chair Powell play down the threat of inflation as ‘transitory.’ With five consecutive months of price increases, that is clearly not the case,” Scott said in a release.
In his statement, Scott asked Powell to show how he plans to address the threat of growing national debt during the Federal Open Market Committee [FOMC] meeting on Wednesday.
Fed watchers expect the FOMC to continue regarding inflation as “transitory” at their meeting, according to a report from Yahoo Finance.
“…Those eager to talk about tapering may be in the minority this week,” the report read.