Fed Says Inflation 'Still Too High'; Jean-Pierre: 'Not Lost on Us' — and to Doocy on China Payments: 'Lies and Lies' (March 22, 2023)

The Federal Reserve had just raised interest rates again, and its chairman said inflation was still too high. A reporter asked the White House whether President Joe Biden agreed. “The Federal Reserve Chairman said today that inflation is still too high. Does the President agree?” [1]

“Look, the President has always said that he’s going to do everything that he can to make sure that we work every day to lower costs,” press secretary Karine Jean-Pierre said [1].

The reporter put a number on it. “Americans are paying about $372 more a month, according to one estimate, than they were a year ago. What does the President say to Americans who — everything that you say is happening on paper — for them, paying that amount of money a month is still a lot?” [1]

“And we say and we’ve been saying we understand what the American people is feeling. That’s not lost on us,” Jean-Pierre said [1].

The video above shows the exchange at the March 22, 2023, briefing. Quotes are from the official transcript published by the American Presidency Project [1].

”Goods Inflation’s Been Coming Down”

Jean-Pierre quoted the Fed chairman back. “So, look, one of the things that Jerome Powell did say about inflation: ‘Good…’ — ‘Goods inflation’s been coming down now for six months…housing services is really a matter of time passing,’” she said [1].

She turned to junk fees and Republicans. “You see Republicans in the House saying that they want to lower Medicare — they want to cut — cut Medicare; they want to cut Social Security — which is actually going to hurt working Am- — working Americans,” she said [1].

Asked whether Biden still had confidence in Powell, she said: “He still has confidence. The President still has confidence in Jerome Powell.” [1]

“Lies, and Lies, and Inaccuracy”

At the end of the briefing, Fox News’ Peter Doocy asked about payments to the Biden family from a Chinese company. “House Oversight says they’ve got bank records showing a Chinese energy company paying three Biden family members through a third party. What were they paid for?” [1][2]

“Look, I’m — I’m just not going to respond to that from here,” Jean-Pierre said. “Look, we have heard from House Republicans for years and years and years how — how — the inaccuracies and lies when it comes to this issue.” [1]

“And I don’t even where to begin to even answer that question because, again, it’s been lies and lies and inaccuracy for the past couple years. And I’m just not going to get into it from here,” she said [1].

”What Do You Think That Means?”

Doocy kept going. “Xi told Putin at their meeting, ‘Change is coming that hasn’t happened in 100 years. And we are driving this change together.’ What do you think that means?” “You would have to ask them,” Jean-Pierre said [1].

Then the Fed again. “President Biden said: To lower inflation, we should trust the Fed. Now the Fed is saying that rate hikes won’t be enough to quell inflation. Why does he still trust the Fed?” “They’re an independent agency,” Jean-Pierre said. “We are not going to interfere. We are not going to get involved. And I’m certainly not going to comment.” [1]

“TikTok Is the Topic Today”

A reporter Jean-Pierre called Jeremy turned to TikTok. “And then your second-favorite topic, which is TikTok,” the reporter began. “TikTok is the topic today,” Jean-Pierre said [1].

“There’s a new poll that says that a majority of daily TikTok users oppose banning the social media app,” the reporter said. “And so I’m just wondering, as this administration has talked about the national security concerns around this app — and this is really a communications question — does the President need to do a better job of explaining to Americans, explaining to TikTok users why this app represents such a national security concern?” [1]

“We understand the popularity of TikTok. That is something — we get that,” Jean-Pierre said. “Again, there’s a CFIUS review,” she added [1].

“130 Miles of Razor Wire”

Another reporter asked about Texas. “So, Texas Governor Greg Abbott has installed more than 130 miles of razor wire on federal land in the Rio — in the Rio Grande canal,” the reporter said. “Does the administration plan to sue Texas, like they did in Arizona over former Governor Doug Ducey’s makeshift border barrier?” [1]

“That’s a question for the Department of Justice. I don’t have anything to share here. But more broadly on — on the governor in Texas, these — this is another political stunt that we’ve seen from him over and over again,” Jean-Pierre said [1].

She credited Biden for the border. “He catched — he’s catched record levels of fentanyl because of the work that he’s done, because of the record levels of funding,” she said [1].

By the Numbers

$372: the extra monthly cost for Americans, per the estimate a reporter cited [1].
4¾ to 5 percent: the Fed’s target rate after the March 22, 2023, hike [3].
5¼ to 5½ percent: the target rate after the Fed’s July 2023 hike [4].
$3 million: the March 2017 wire from a Chinese company to a Biden associate’s account, per House Oversight records [5].
At least 3: Biden family members the committee said received payments [5].

What Happened Next

The Fed kept raising. On March 22, the Fed “decided to raise the target range for the federal funds rate to 4-3/4 to 5 percent” [3]. By July 26, 2023, it had raised the range “to 5-1/4 to 5-1/2 percent” [4].

The records kept coming. House Oversight’s records showed that “on March 1, 2017, less than two months after then-Vice President Joe Biden left office, State Energy HK Limited, a separate Chinese company, wired $3 million to Robinson Walker, LLC,” Fox News reported. “The recipients of the money included Hallie Biden, companies associated with Hunter Biden and James Biden, and an unknown bank account identified as ‘Biden,’” the committee’s memo said [5].

According to the committee, Hallie Biden, the widow of Beau Biden, “received a payment from Walker’s account — Robinson Walker, LLC — in March 2017 totaling $25,000,” and “A bank account identified as an unknown ‘Biden’ also received $70,000,” Fox reported [5].

Fox also noted that “the Biden family received $1 million in payments, although Biden denied that any payments were made when approached by a reporter about the topic last Friday” [2].

A spokesperson for Hunter Biden’s legal team confirmed the payments but said the accounts “belonged to Hunter, his uncle and Hallie – nobody else,” Fox reported [5].

For Doocy’s question the day before on the COVID lab leak, see HYGO News’ page on March 21, 2023.