Lark Davis criticizes Jerome Powell for Hiking Rates

Jerome H. Powell, Federal Reserve Chair, had declared earlier that the US central bank was poised to increase interest rates from near zero. “We expect it will be appropriate to raise the target range for the federal funds rate at our meeting later this month,” said Powell during the testimony before the House Financial Services Committee.

These reflections come at a time where the inflation rates are the highest in 40 years. Consumer prices increased 7.5% from a year ago. Also, the inflation gauge depicted its strongest 12-month gain since 1983.

However, this move was not well received. Millionaire crypto content creator Lark Davis expressed his displeasure with Powell’s decision. “All this shit going down in Eastern Europe and then Jerome is going to drop rate hikes on us on March 15th,” said Davis in a Twitter post. “Are you screwing with us or what?” asked the YouTuber from New Zealand . 

The general public also seems to be unhappy with Powell’s approach. “Just postpone a couple months pls,” said another Twitter user.

Economist and Bitcoin enthusiast Peter Schiff was also seen online making sharp criticisms of the move. He said, “Powell said he still supports a 1/4 point rate hike at the Mar. meeting and will start working on a plan to begin shrinking the balance sheet at some unknown future date. The fact that such a plan doesn’t already exist proves the Fed has no real intention of carrying one out!”

The Russian-Ukrainian conflict has created unprecedented geopolitical upheaval, and economies around the world are suffering its consequences. Economists believe that the war will most likely cause gas prices to further rise, leading to even more inflation.