Biden's Economy: Fed chairman warns of ‘unfortunate costs’ and ‘pain’ in fight against inflation

[Counselor706]

Jerome Powell warned in a terse speech on Friday that the Federal Reserve’s campaign to bring down inflation would have ‘unfortunate costs’ that would weaken the labor market, slow growth, and inflict pain on businesses and households.

The Fed chairman’s highly anticipated speech at an economic conference at Jackson Hole, Wyoming took less than ten minutes and was tightly focused on the message that the Fed would continue raising interest rates and hold them at a high level even though it expects this policy to be painful for businesses and American families.

"While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation,” Powell said. “But a failure to restore price stability would mean far greater pain.”

https://www.breitbart.com/economy/2...te-costs-and-pain-in-fight-against-inflation/

 

[ll74]

Poor guy. Sounds rough

 

[BabyBoomer50s]

Main take away is the Fed isn’t betting on the “Inflation Reduction Act.”