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Sen. Warren Blasts Fed Chair over Plan to Hike Interest Rates

HeadlineMar 09, 2023

The U.S. Federal Reserve has signaled it will hike interest rates higher and faster than expected in order to slow down inflation, after recent data showed a stronger economy than forecast. Last year the Fed raised interest rates at the fastest pace since the 1980s. During a Senate hearing Tuesday, Democrat Elizabeth Warren blasted Fed Chair Jerome Powell for “gambling with people’s lives” by imposing rate hikes that would increase unemployment from 3.4% to 4.6% by the end of the year, according to the Fed’s own projections. 

Sen. Elizabeth Warren: “Do you know how many people who are currently working, going about their lives, will lose their jobs?”

Jerome Powell: “I don’t — I don’t have that number in front of me. I will say it’s not” —

Sen. Elizabeth Warren: “It’s just a math problem. 

Jerome Powell: — “it’s not an intended consequence. It’s not” —

Sen. Elizabeth Warren: “Well, but it is, and it’s in your report. And that would be about 2 million people who would lose their jobs, people who are working right now, making their mortgages.”

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