Here's what Jerome Powell's critics and defenders have been saying as the Fed gets ready to possibly raise rates for the last time in the current cycle
Warren was among the chorus of commentators who said the turmoil was partly a consequence of the Federal Reserve's policy actions as it aggressively tightened interest rates in 2022 after nearly a decade of ultra-loose monetary policy.
Low interest rates, particularly when the economy was shuttered during the COVID-19 crisis, rejuvenated markets and led stocks to new highs in 2021, but Powell's reluctance to raise rates is the source of the most withering criticisms chasing him today. Now the Fed is faced with a dilemma critics say is one of its own making. Raise rates too fast and too far, and recession is almost guaranteed. Not far enough and inflation becomes entrenched. . In a recent interview, El-Erian compared the Fed's monetary policy to driving in fog at maximum speed, and then suddenly slamming on the brakes.
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