The Risk Of Inflation

The main reason the Federal Reserve doesn't want to acknowledge the risk of inflation is that it's not prepared to do anything to put out the fire once it really gets started. So, it plays down the risk as long as it can, knowing that ultimately the inflation fire will burn the economy down.

Many People Have Over-Reacted To The Actual Health Threat

The crazy thing is that while so many people have over-reacted to the actual health threat posed by Covid-19, they have under-reacted to the grave financial and economic threats posed by the increase in government spending, borrowing, and money printing in reaction to Covid-19!

The U.S. Needs More Savings

Powell was asked what the Federal Reserve can do to make the economy more resilient to these type of shocks. The question is ironic as its the Fed's fault the economy is so vulnerable to these shocks in the first place. What's needed is more savings, which requires higher interest rates!