Sinema Questions Federal Reserve Chairman About Inflation and Supply Chain Disruptions

Jun 27, 2022

Senator focused on finding solutions to current inflation and supply chain challenges during Senate Banking Committee hearing

WASHINGTON – Arizona senior Senator Kyrsten Sinema questioned Federal Reserve Chairman Jerome Powell about inflation and supply chain disruptions during the Semiannual Monetary Policy Report to Congress in a Senate Banking Committee hearing.
“Inflation numbers continue to be concerning. This is the number one issue I’ve been hearing about from Arizonans. Families and small businesses are paying higher prices, and they need relief from soaring inflation so that they can make ends meet,” said Sinema, a member of the Senate Banking Committee.
The hearing was Chair Powell’s first after being reconfirmed to a second term as Chair of the Federal Reserve earlier this year. During the hearing, Chair Powell presented the Monetary Policy Report, which included key findings about inflation being at a 40-year high, demand for labor continuing to outstrip available supply, and fluctuating GDP growth rates due to volatile exports and inventory investments. 
Sinema questioned Chair Powell about the findings in the report and the Fed’s view of how to respond to the record-high inflation. While seeking answers, Sinema stressed the need for Congress and the Federal Reserve to ensure the way they measure inflation is up-to-date and most accurately reflects the challenges that families and businesses are facing.
Sinema’s questioning comes as Phoenix experiences the highest inflation numbers in the country, forcing Arizonans to pay the most for gas and groceries that they’ve paid in decades.
Recently, Sinema expressed that she wished the Federal Reserve had acted sooner to address the inflation and supply chain challenges hurting families across the country. Her questioning during the Senate Banking Committee hearing demonstrated her continued commitment to lowering costs.