Fed Chair Powell: Strap In, Economic Turbulence Ahead
22 Sep 2022
Hereโs the Jerome Powell, the Fed chair, giving us finance-and-monetary policy nerdspeak for, โOh, itโs coming, folks. Strap in for the situation that is ahead. Here comes the turbulence.โ
โThereโs a very high likelihood that weโll have a period of below-trend growth, by which I mean much lower growth.โ
Fed Chair Powell speaks after Fed officials lifted the target range for the benchmark federal funds rate to a range of 3% to 3.25% https://t.co/mKq32ninTG pic.twitter.com/Qv6yVjbY5g
โ Bloomberg TV (@BloombergTV) September 22, 2022
Chairman Powell wonโt admit how America got into such dire economic straitsโฆ
โFurther rate hikes by the Fed will likely cause credit card rates to continue to rise, a double blow to families just scraping by.โ
READ more from @carriesheffield
https://t.co/f8v3piXRBQ
โ Independent Womenโs Voice (@IWV) September 22, 2022
Americaโs GDP growth is gonna be lower, prices are gonna be high, inflation will be durable.
โThe chances of a soft landing are likely to diminish,โ Powell said as the Fed steadily raises borrowing costs to slow the worst streak of inflation in four decades. https://t.co/k2ARmRbZZC
โ WLOS (@WLOS_13) September 22, 2022
There will be less money rolling around and less jobs, too, causing unemployment to spike. Itโs a recession.
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