Sen. John Kennedy, R-La., dissected Federal Reserve Chair Jerome Powell's response to questioning during a Senate committee hearing on 'The Faulkner Focus.'
is just doing his job. President Biden persists in saying that, my words not his, a honey bun costs $20 and your 401 is crashing because the economy is so good. No one believes that because it's not true and the American people aren't stupid. President Biden's inflation is pernicious.
. And Powell knows that. He can't say it. And anyone who knows an economics textbook from an L.L. Bean catalog knows that.that central bank policymakers are prepared to raise interest rates higher than previously expected and pick up the pace of increases in the face of hotter-than-expected economic data.
"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Powell said in remarks prepared for delivery before the Senate Banking Committee."If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.
Central bankers are in the midst of the most aggressive campaign since the 1980s to crush persistently high inflation. Although the consumer price index has slowly fallen from a high of 9.1% notched in June, it remains about three times higher than the pre-pandemic average. in February to raise the benchmark interest rate a quarter percentage point to a range of 4.5% to 4.75% and signaled that a"couple more" increases are on the table this year.
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