Federal Reserve Chair Jerome Powell: ‘People Are Seeing Their Wage Increases Eaten Up By Inflation’

POWELL: “People are seeing their wage increases — their wage increases eaten up by inflation. So, if your family is one where you spend most of your paycheck every paycheck cycle on gas, food, transportation, clothing, basics of life, and prices go up the way they are going up, you’re in trouble right away. You don’t have a cushion, and this is very painful for people at the lower end of the income and wealth spectrum. So, that’s what we’re hearing from people, is, you know, very much that inflation is really hurting.”