US senator criticizes Fed, expresses fear of recession

US Senator Elizabeth Warren, who is frequently on the agenda with her statements in the field of economics, said on Sunday that she is very worried that the Federal Reserve will drag the country’s economy into recession and that increases in interest rates will leave people unemployed.

“You know what’s worse than high prices and a strong economy,” Elizabeth Warren told CNN. I am very worried that the Fed will push this economy into recession.” She used her expressions.

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Evaluating Fed Chair Powell’s remarks at Jackson Hole, Warren said, “What he calls ‘a bit of pain’ means laying people off, closing small businesses because the cost of money rises because interest rates go up.”

Warren said inflation was high in part due to supply chain issues, the Covid-19 outbreak and the war between Russia and Ukraine.

“There’s nothing in raising interest rates, there’s nothing in Jerome Powell’s toolbox that deals directly with them, and he just accepted that much in congressional hearings,” Warren said.

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