'Relying on the Fed to bring down prices is like treating someone's fever by putting them in a freezer,' said RBReich. 'It doesn't treat the underlying disease, and could make things far worse.'
"Every time over the last half-century the Fed has raised interest rates this much and this quickly, it has caused a recession," said former U.S. Labor Secretary Robert Reich.The Federal Reserve's decision Wednesday to hike interest rates by 75 basis points—the largest increase since 1994—heightened fears among economists that the central bank's attempt to tame inflation risks plunging the U.S. economy into recession and inflicting more pain on vulnerable workers.
"Relying on the Fed to bring down prices is like treating someone's fever by putting them in a freezer." "Relying on the Fed to bring down prices is like treating someone's fever by putting them in a freezer,"Robert Reich, the former head of the U.S. Department of Labor."It doesn't treat the underlying disease, and could make things far worse."
Dean Baker, senior economist at the Center for Economic and Policy Research."The soaring price of oil is due to Russia's invasion of Ukraine and subsequent sanctions. Fed rate hikes will not bring down the price of gas."following the Federal Open Market Committee's closed-door meeting on Wednesday.
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