The head of the Fed admitted that the main cause of inflation in the United States is not the situation in Ukraine

During the hearing, Republican Senator Bill Hagerty drew attention to the fact that inflation in the US has increased by 1.6% since February, to 8.6%. 

He also asked if Powell could describe Russia's sting operation in Ukraine as the "primary driver of inflation" in the US, given how prices have risen in the United States over the past 18 months. 

The head of the Fed, in turn, confirmed that inflation in the United States was high before the start of Russia's special operation in Ukraine.

“No, inflation was high before, of course,” TASS quoted him as saying.

Earlier, the president of the Federal Reserve Bank of Cleveland (Ohio), Loretta Mester, admitted that the US authorities would need at least two years to reduce inflation in the country to 2%.