Fed’s Own Economist Warns of “Severe Recession” From Chair Powell’s Rate Hikes

Posted on AllSides September 9th, 2022
From The Left
Olivier Douliery/AFP via Getty Images
ANALYSIS

ON THURSDAY, following reports that the Federal Reserve would likely soon jack up the federal interest rate again — this time by 0.75 percentage points — Chair Jerome Powell tried to allay fears that the Fed’s strategy would cause an economic downturn, insisting that another rate hike was unlikely to cause a deep recession.

The interest rate hikes, which nominally serve as a way for the Federal Reserve to tamp down inflation, are also a way to put economic power back in the hands of the very rich by driving up unemployment, since higher...

Read full story
Some content from this outlet may be limited or behind a paywall.

The Intercept

AllSides Media Bias Rating: Left
AllSides Media Bias Rating: Left
You disagree.
Thank you! Community votes alone don't determine our ratings, but are valuable feedback and can prompt us to do more research.
108179/84909
See full bias rating for The Intercept
Learn about media bias
https://theintercept.com/2022/09/09/recession-federal-reserve-inflation-interest-rate-hikes/

More News about Economy and Jobs from the Left, Center and Right

From the Left

From the Center

From the Right