On Friday’s broadcast of Bloomberg’s “Open Interest,” White House Council of Economic Advisers Chairman Christopher Phelan responded to a question on whether the White House has any further policies lined up to deal with inflation by pointing to Fed Chairman Kevin Warsh’s statements on inflation and saying that “I would leave it with the man I consider to be a very capable choice for Fed Chairman.”
Co-host Michael McKee asked, “Well, you’ve done what you can do in terms of gasoline prices. There’s not much left in the Strategic Petroleum Reserve. The president has now agreed to let more beef in to try to bring prices down there. Do you have anything else lined up to try to affect the inflation rate, to try to affect prices that consumers are watching?”
Phelan answered, “Well, one thing that Chairman Warsh very clearly said is — and I applaud him for saying this — he said inflation’s on us, inflation is a Fed thing. It’s been above their target for 65 straight months. And he’s been Chairman for 100 days. He was very explicit about that. So, I guess I would leave it with the man I consider to be a very capable choice for Fed Chairman.”
Phelan also said that world markets expect crude oil prices to fall.
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