Fed Chair Jerome Powell made one prediction that will upend everything for Joe Biden

Joe Biden is desperately hoping that his disastrous economy will turn around.

He had cold water poured on that idea.

And that’s because Fed Chair Jerome Powell made one prediction that will upend everything for Joe Biden.

The American economy is an absolute disaster under President Joe Biden’s failed leadership.

After going on the biggest socialist spending spree in American history, inflation is running rampant.

Inflation is at 40-year highs and shows no sign of letting up after the last scorching-hot inflation report came in above analysts’ expectations.

Underneath the hood, the numbers were even worse for President Biden after it was revealed that food prices at grocery stores have surged by 13.5% year-over-year, the highest increase since 1979 under former President Jimmy Carter.

The Federal Reserve is tasked with combating inflation by raising interest rates to destroy consumer demand in the economy to bring down prices. 

The Fed hoped for a soft landing of bringing down demand without crashing the economy.

Federal Reserve Chair Jerome Powell has been optimistic about the Fed’s ability to engineer a “soft landing.”

After the latest devastating inflation report, Powell predicted “pain” would have to occur for the Fed to get inflation under control.

“We have got to get inflation behind us,” Powell told reporters. “I wish there were a painless way to do that. There isn’t.”

Powell’s remarks came after the Federal Reserve announced another 75-basis-point interest hike, with even more rate hikes on the way.

Industry analysts are predicting the Fed could double the interest rate from its current level, sending the cost of borrowing money skyrocketing.

Powell admitted that the chances of a soft landing are slim, as pulling off such a feat will be “very challenging.”

“The chances of a soft landing are likely to diminish to the extent that policy needs to be more restrictive, or restrictive for longer,” Powell said. “Nonetheless, we’re committed to getting inflation back down to 2%. We think a failure to restore price stability would mean far greater pain.”

Major economists are already sounding the alarm about the storm clouds on the horizon for the Biden economy.

“With the new rate projections, the Fed is engineering a hard landing – a soft landing is almost out of the question,” Seema Shah, chief global strategist of Principal Global Investors, said. “Powell’s admission that there will be below-trend growth for a period should be translated as central bank speak for ‘recession.’ Times are going to get tougher from here.”

The housing marketing and stock market are collapsing, and further interest rate hikes would cause even more downward pressure.

President Biden has been trying to fool voters by claiming that inflation is 0%, and by trying to redefine the word “recession,” after the country went into the technical definition of a recession after two quarters of negative economic growth.

With more grim economic news on the way, Joe Biden won’t be able to escape the disaster he created. 

The economic woes for Joe Biden are only going to get worse after Jerome Powell admitted that pain is coming for his disastrous economy.

Stay tuned to Conservative Underground News for any updates to this ongoing story.