Book your ticket to happiness with Sun Express Airlines. This is CBS eye on the World with John Bachelor.

Here's John Bachelor.

This is CBS I in the world.

I'm John Bachelor, the Chairman of the Federal Reserve Jerome Powell testifying before the House Committee on Financial Services.

The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater

confidence that inflation is moving sustainably toward 2% said Mr. Powell this is

opening statements.

We, that is the Open Market Committee,

the Federal Reserve Board of Governors.

We remain committed to bringing inflation back down

to our 2% goal and to keeping longer-term inflation expectations well anchored.

Restoring price stability is essential to set the stage for achieving maximum employment

and stable prices over the longer run.

I welcome John Cochran, senior fellow for the Hoover Institution, an economist who keeps the

highly recommended blog grumpy economist to break apart the chairman's

statements chiefly because he's a central banker he is not the only solution to the present quandary of the

United States and its allies about stagnation.

John, a very good evening to you. All of this excitement following the pandemic, I learned

from your most recent posting that we're not out of it yet. That the inflation we're living

with is a result of that five trillion dollars that the

federal government lavished upon the American people. How so John good

evening to you? Good evening, and it's fairly straightforward.

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