Very STEEP job losses coming, "Fed Chairman Jerome Powell warns it will be 'very challenging' to tame inflation without steep job losses across the US economy after hiking interest rates to 3.25%"
by Paul Alexander
Thank you POTUS Biden for all the misery you have brought us, seriously, thank you for no one in my lifetime in terms of administrations, have visited as much damage on America as you & your admin
Biden: nothing to see hear folks...Look over there...remember 'orange man bad'!
Fed Chairman Jerome Powell warns it will be 'very challenging' to tame inflation without steep job losses across the US economy after hiking interest rates to 3.25% - the highest level since 2008
Fed Chair Jerome Powell admitted on Wednesday that achieving a soft landing will be 'very challenging'
Federal Reserve on Wednesday raised its policy rate 0.75 points to 3.25%, the highest since 2008
US central bank also projected rates will hit 4.4% this year and 4.6% in 2023 - higher than expected
Fed is attempting to cool down the economy to battle soaring inflation, which stands at 8.3%
Higher rates mean costlier borrowing, including mortgages and business loans, slowing growth
But by tamping down the economy, the Fed raises the risk of triggering job losses and layoffs
Economists are increasingly projecting a 'hard landing' marked by a sharp increase in unemployment, and Fed Chair Jerome Powell admitted on Wednesday that achieving a soft landing will be 'very challenging'.
'We have always understood that restoring price stability, while achieving a relatively modest...increase in unemployment would be very challenging,' he said.
'No one knows whether this process will lead to a recession, or if so, how significant that recession would be,' he added.