He called 'Bidenomics' a failure and said consumers are paying the price in terms of higher inflation.
Billionaire investors Stanley Druckenmiller blasted fiscal and monetary authorities, including Treasury Secretary Janet Yellen and Fed Chair Jerome Powell for causing high inflation.
"It seemed to me the Fed was in a perfect position. Inflation was coming down, financial conditions were tightening," he said. "To some extent, I feel like they fumbled on the five yard line."Though Druckenmiller said his firm was "a major beneficiary" of the jump in asset prices and easing conditions, he still thinks the Fed's pivot in late 2023 to push harder on the idea that rate cuts were coming was a mistake.
"Bidenomics, If I was a professor, I'd give him an 'F,'" Druckenmiller said. "Basically, they misdiagnosed Covid and thought was going into a depression. The Fed did, too."
Economy Breaking News Janet Yellen Jerome Powell Jerome Powell Stanley Druckenmiller Joe Biden Prices Janet Yellen Donald Trump Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed's Williams says next Fed move likely to be lower ratesFed's Williams says next Fed move likely to be lower rates
Read more »
Fed's Williams: Outlook is uncertain, Fed must be data-dependentFederal Reserve (Fed) Bank of New York President John Williams said on Thursday that the Fed must be data-dependent as the outlook remains uncertain, per Reuters.
Read more »
‘Historically low’ confidence in Biden and Fed on economyPeople feeling the pain of 'Bidenomics' are now putting the hurt on President Joe Biden and his economic team.
Read more »
Biden Administration to Ban Gas Appliances in Fed BuildingsThe Biden Administration has finalized rules to ban the use of natural gas in new and renovated federal buildings, the Department of Energy announced Wednesday.
Read more »
Minneapolis Fed Pres: Biden Spending on Chips, Infrastructure ‘Is Inflationary’ and There Are ‘Cross-Purposes’Source of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Biden says inflation is top domestic priority, but Fed admits lack of progressPresident Biden's administration is admitting there has been slow progress on combating inflation, despite years for Biden saying it is a 'top priority.'
Read more »