'You know what's worse than high inflation and low unemployment? It's high inflation with a recession and millions of people out of work,' Sen. Warren said, urging caution on rate hikes. 'I hope you consider that before you drive this economy off a cliff.'
During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid setting off a recession that costs millions of jobs.Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month."I would not think so," Powell said.Warren asked if grocery prices will go down because of the Fed's war on inflation.Read More"I wouldn't say so, no," Powell said.
Fed pledges to get high inflation downPowell acknowledged that the high cost of living is inflicting financial pain on Main Street and expressed confidence the US economy can ride out this difficult period."At the Fed, we understand the hardship high inflation is causing," Powell said in prepared remarks during the Senate Banking Committee hearing Wednesday."We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so.
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