The Daily Signal Jerome Powell’s Fed Fueled Inflation and Left Main Street Paying the Price | E.J. Antoni, Ph.D
Feb 11, 2026
E.J. Antoni, Ph.D, Heritage Foundation chief economist known for sharp Fed critiques. He blames Jerome Powell’s monetary approach for recent inflation and financial strains. He highlights rising credit costs, a frozen housing market, and the 2023 regional banking turmoil. He previews Kevin Warsh as a potential inflation hawk who could restore market confidence.
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Powell's Policy Caused Lasting Inflation
- Jerome Powell's Fed actions helped cause the worst inflation in 40 years and slowed recovery.
- E.J. Antoni argues Powell's policies devalued the dollar and siphoned away Americans' earnings and savings.
2020 Monetary Framework Proved Problematic
- The Fed created a novel monetary framework in 2020 that's hard to manage and costly to taxpayers.
- Antoni says it gave free money to Wall Street while harming Main Street and may hinder normal monetary policy going forward.
Warsh's Early Warning Proven Right
- Kevin Warsh warned after the Great Recession that excess liquidity and low rates would cause malinvestment and inflation.
- Antoni notes Warsh's warnings proved prescient as recovery was slow and inflation later rose.