Philadelphia Federal Reserve Bank president Patrick Harker said that high inflation in the U.S. was caused by several factors including U.S. policy decisions.
Fox News hosts Bill Hemmer and Sandra Smith predict how Democrats and Republicans will perform in the midterm elections on 'Kudlow.'
Harker, discussing supply chain woes, claimed that the Russian invasion "choked supply" as exports decreased after lockdowns in China led to factories being shuttered and a shortage of semiconductors. At the same time, however, he said U.S. policies have contributed to the problem and that "their effect on supply is undeniable.
Harker went on to state what Republicans have been claiming: that government spending has contributed to the problem. "Fiscal policy has added to demand," he said, referring to how "[t]he federal government pumped around $6 trillion into American households during the acute phase of the COVID-19 pandemic."
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