Federal Reserve Chair Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington, D.C., on Tuesday. Powell warned the fight against inflation still has"a long way to go," sending stock markets lower.Federal Reserve Chair Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington, D.C., on Tuesday.
"Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy," Powell told senators.Over the last year, the central bank has raised interest rates eight times in an effort to tamp down demand. But after appearing to cool off late last year, both consumer spending and hiring came roaring back in January, putting more upward pressure on prices.
Higher rates should help curb inflation. But the Fed's actions also risk sparking a recession and a rise in unemployment.Traders work on the floor of the New York Stock Exchange in New York City as Powell testifies before the Senate Banking Committee on Tuesday. Stocks tumbled after Powell suggested the Fed may need to raise interest rates more aggressively to bring down inflation.
"You are gambling with people's lives," she said."You cling to the idea that there's only one solution: Lay of millions of workers. We need a Fed that will fight for families."
because rate hikes have been just… so effective
Nothing to see here. Biden and the other leftist passed the Inflation Reduction Act and all's good.
Wait...what happened to 'transitory '....remember that outright lie you parroted like good lap dogs?
He’s just padding the pockets of the rich. That’s really his job.
Top 1% keep getting richer for doing fuck all
May is a big word.
The beatings will continue until morale improves.
The only lever we have. Keep gouging customers corporations, we’ll just raise the internet rats again
Want to curb inflation? Look at corporate profits and stock buy-backs. It's corporate greed that's driving inflation now.
Pricing pattern hike should be collective preoccupation as current arbitrary retail inflation contradicts classical inflationary curves..emphasis be focused on price control mechanism aimed at excessive profiteerism.
No more ceiling hikes and no more bailouts!
Lol how’s the fed wrong on this during the pandemic and after the pandemic? Sure raising interest rates is a good way to combat inflation in a traditional sense but credit card loans at an all time high, people are going to continue spending no matter what.
“Stubborn inflation”
current inflation is caused by monopoly deregulation and crony capitalism. no incentive for keeping prices low if there's next to no competition. prices keep going up under the guise of smaller margins, despite record corp profits. raising interest rates doesn't fix this.
🖕
and yet over $100 billion of taxpayer dollars are profiting U.S corporate weapons manufactures in a useless proxy war while 7 out 10 Americans are living paycheck to paycheck. profit over people. corporate tyranny or conscious revolution
This is not working, choose another chair
It's not a strong economy that's causing inflation. It's corporate greed and Big Oil that are the cause!
Again, Fed Chair Powell raising interest rates to tackle inflation is a BIG LIE! Fed Chair Powell is raising interest rates to crash the US economy and drive millions of Americans into unemployment lines ahead of the 2024 presidential election. Powell is a domestic terrorist!
My favorite part was SenWarren getting him to admit he is basically driving our economy into a recession on purpose 🤣 can't make this shit up!
Government created inflation; The unnecessary tax on everyone.
What!? This philistine can’t seem to get his head around the fact that most of this “inflation” is just price gouging and profiteering. Raising the interest rates will just give these corporate raiders an excuse to drive prices up even more.
Excuse me for being a 'normal' working person, but if things are getting more expensive in the market, why also make it more expensive to borrow money needed to participate in the market? Doesn't rising cost already slow demand? Or is this just means to divide wealth classes?
This WAS expected except that you practice reporting bias-Remember transitory inflation If you were honest u'd give us both sides. Its why ur numbers are caving
We have a class of CEOs and C-suite managers who only know a world in which their entire job is to spend more than the company makes and bet on future markets. We're making it more expensive for them to bet, but we're not seeing that they understand what to do about it.
The inflation is mostly supply driven. Raising interest rates ONLY effects the demand side. Inflation is here to stay
yeah, hurt the middle class more... Screw the Fed
But, but, the 'Inflation Reduction Act' was supposed to solve the problem. George Orwell, call your office.
Bro thinks going by the book is going to save the economy 💀 These dinosaurs need to be kicked out entirely
Good