Washington - The stocks market suffered a huge setback on Thursday after Federal Reserve Chairman Jerome Powell, in his monthly report to Congress, shared the news that his wife and kids had told him at dinner one night recently that prices for everything are going up.
The U.S. Central Bank, which has been issuing trillions of dollars to fight economic conditions caused by the pandemic, has insisted in the past several months that printing money several times faster than the economy can create goods and services won't lead to rising prices, for the first time in recorded history.
However, in his testimony yesterday, Federal Reserve Chairman Powell said that his wife and kids revealed to him that the prices for almost everything was going up dramatically.
"Gasoline, Foods, Travel, Utilities, Computer Chips, Labor, and indeed everything is going substantially higher. I was very surprised" said the economist before a congressional committee.
The Stock Market took a huge drop when participants realized that the secret was out.