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Schaftlein Report

Inflation and Gas Prices Dominate Powell testimony before Senate | Schaftlein Report

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Inflation and Gas Prices Dominate Powell testimony before Senate | Schaftlein Report
Guest: Andrew Crapuchettes – CEO of, a company that connects employers who value freedom with employees who value it too
1) Crude Oil prices fall to $103 per barrel as recession fears hit market – But for how long?
2) Fed chairman Powell: “higher rates will moderate asset prices”
*”Price stability is the bedrock for the economy” – We do not have that right now
**Inflation is a supply demand imbalance and a policy error of the Biden administration and the Federal Reserve
3) The current Fed funds rate is 1.6% – Powell says it will be 3-3.5% by year end
4) Biden and some Democratic Senators blame oil companies – Chevron fires back at the criticism
5) Biden to support a 3-month Federal gas tax holiday (18 CENTS ON GAS AND 24 CENTS ON DIESEL)
Pelosi once called it “showbiz” – Will it pass congress and to what effect? We say minimal to no effect
6) Russian Ruble is the strongest performing currency this year up 40% versus the dollar
a. Strong commodity prices and $20B per month in export revenue of oil and gas are contributing factors
b. Paying for oil in Rubles pushes demand in addition to capital controls
7) Russia is rerouting trade through Brazil, India, China and South Africa
8) Demand for mortgages is plunging and house price gains stall as this part of the market desperately needs a cool down
9) Press secretary says Biden will “ELEVATE” pain at the pump – She meant to say alleviate

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About the Author:
As a lifelong advocate for the dream promised us in the Constitution, Andrew West has spent his years authoring lush prose editorial dirges regarding America's fall from grace and her path back to prosperity. When West isn't railing against the offensive whims of the mainstream media or the ideological cruelty that is so rampant in the US, he spends his time seeking adventurous new food and fermented beverages, with the occasional round of golf peppered in.