“The American economy is very strong and well positioned to handle tighter monetary policy,” Federal Reserve Chairman Jerome Powell said. “We anticipate that ongoing rate increases will be appropriate.”
Federal Reserve Chairman Jerome Powell on Wednesday pushed back against economists who argue that aggressive Fed interest-rate hikes have increased the odds of a recession or hard landing for the U.S. economy.
“We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy,” Powell said. Powell signaled last week that the Fed would be choosing between a 50 basis point move or a 75 basis point move at their July 26-27 meeting. That would move its policy rate close to 3%.
“The surge in prices of crude oil and other commodities that resulted from Russia’s invasion of Ukraine is boosting prices for gasoline and fuel and is creating additional upward pressure on inflation,” he added. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses,” Powell said.“Inflation is hitting my people so hard, they are coughing up bones,” said Sen. John Kennedy, Republican of Louisiana.
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