U.S. Federal Reserve Chairman Jerome Powell said that the ongoing inflation crisis highlights "how little we understand about inflation" The comments were made during a European Central Bank forum that was moderated by Bloomberg Editor at Large Francine Lacqua. "I think we now understand better how little we understands about inflation," Powell said.

Wall Street Silver, a popular investing forum on Youtube and Reddit, tweeted, "Only the ‘experts’ and the media didn't see this coming. Just about everyone else did. " Wall Street Silver also highlighted how in 2008, then Fed Chairman Ben Bernanke predicted that there would not be a recession just before the Great Recession.

CNBC's account tweeted, "‘The Federal Reserve is not currently forecasting a recession’ - Ben Bernanke, January 2008"Douglas A. Boneparth, a member of the CNBC Advisor Council and author, tweeted, ‘Inflation is transitory’ Jerome Powell in 2022 = ‘We now know how little we understand about inflation’

Inflation is at a 40 year high, the average price of gas per gallon is above $5 for the first time in American history. Consumer sentiment is at historic lows. America’s gross domestic product "shrank by 1.6% on an annualized basis in the three-month period from January through March. "
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