'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.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
AUD/USD faces barricades around 0.6980 despite positive RBA minutes, Fed Powell eyedThe AUD/USD pair has witnessed selling pressure around 0.6980 despite the positive minutes from the Reserve Bank of Australia (RBA). The asset has exp
Leer más »
AUD/USD tumbles below 0.6920 as market mood sours, Fed Powell eyedThe AUD/USD pair has witnessed a steep fall after slipping below the round-level support of 0.6940 in the Asian session. The asset is expected to disp
Leer más »
Powell Says Fed Will Continue Hiking Rates Until There Is ‘Clear Proof’ That Inflation Is Slowing“We are strongly committed to bringing inflation back down,” Powell told Congress.
Leer más »
Someone pays $19 million to have lunch with Warren BuffettThe winner of this year’s auction is choosing to remain anonymous.
Leer más »
Anonymous bidder shells out record $19 million for lunch with Warren BuffettAn anonymous bidder has shelled out a record $19 million for a private lunch with billionaire Warren Buffett at a steakhouse in New York City.
Leer más »
Warren Unveils Bill to Ban Sales of Health Data With “Roe” Overturn LoomingAs the country braces for the likely overturning of Roe, Sen. Elizabeth Warren has introduced a bill that would ban data firms from selling abortion clinic patients’ health data.
Leer más »