New Fed chairman says Amazon helped keep inflation low

Federal Reserve Chairman Jerome Powell believes Amazon played a role in keeping a lid on inflation over the past decade.

The central banker was asked why inflation has been so low since the financial crisis.

“It’s a global phenomenon. We don’t perfectly understand it. Since the [financial] crisis, a big factor that has been weighing down inflation is just the weakness in the economy. You had a lot of slack and the economy has not been tight,” Powell said Thursday during his testimony to Senate Banking Committee.