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Federal Reserve Chair Jerome Powell has criticized admitting "how much we don't understand inflation."

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In an interview Wednesday, US Federal Reserve Chair Jerome Powell said the ongoing inflation crisis highlights "how little understanding of inflation is." 

"I think we now better understand that we have little understanding of inflation," Powell said.

"It sounds very encouraging," Lacqua replied. 

"No, to be honest, this was unpredictable," Powell replied.

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U.S. President Joe Biden announces the nomination of Federal Reserve Chair Jerome Powell for a second four-year term, in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., November 22, 2021. REUTERS/Kevin Lamarque

US President Joe Biden is in the South Court of the Eisenhower Executive Office Building for a second four-year term. Announced the nomination of Federal Preparatory Chairman Jerome Powell on November 22, 2021, at the White House Auditorium in Washington, USA. At the REUTERS / Kevin Lamarque

forum, Powell said, "The US economy is actually in pretty good shape."

Powell said growth is higher than central banks expect and is raising interest rates to "slow down growth so that supply has a chance to catch up." 

Powell was criticized for his statement that he did not understand inflation. This is because many of the general public have expressed concern about inflation for over a year. 

WallStreetSilver, a popular investment forum on Youtube and Reddit, "only" experts "and the media didn't see this coming. Most other people did. "

Wall Street Silver also emphasized in 2008 that Federal Reserve Chairman Ben Bernanke predicted that a recession would not occur shortly before the Great Depression. The account tweeted, "The Federal Reserve is not currently predicting a recession."-Ben Bernanke, January 2008 "

CNBC Advisory Council member and author Douglas A. Bournepart said, "Jerome Powell in 2021 ='Inflation. Is temporary. '2022 Jerome Powell ='I have little understanding of inflation.' "

Previously Chairman and Financial Reporter of the National Press Club. Mark Hamrick,Tweets,"The Fed (and almost everyone else) has learned the lesson of humility. Jerome Powell: About Inflation I understand very little. " 

KEY FED TRACKER is negative and the signal recession is here 

WASHINGTON - JANUARY 22:  The Federal Reserve building is seen January 22, 2008 in Washington, DC. (Photo by Chip Somodevilla/Getty Images)

Washington-January 22 Sun: The Federal Reserve Building will be seen on January 22, 2008 in Washington, DC. (Photo courtesy of Chip Somodevilla / Getty Images)

Powell said last week that Russia's President Vladimir Putin's invasion of Ukraine was not the main driver of inflationAnnounced news, in contrast to the rhetoric that has been endorsed by the Biden administration in recent months.

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Inflation is the highest in 40 years The average price of gasoline per gallon is above $ 5 for the first time in American history, and consumer sentiment is at historically low levels. 

Data released by the Department of CommerceOn Wednesday, US gross domestic product "reduced 1.6% on an annual basis in three months." From January to March. "

Joe Silverstein is a production assistant at FoxNews Digital.