I cant belive my man thinks rasing intrest rates will do anything to combat wages going up due..... too...

  1. 1 million dead Americans due to rona( and counting)
  2. Rising class conscious due to how rona was handled
  3. 54 million boomer Americans are gonna be dead in less then a decade due to age
  4. Stagnate casino econmy predicated on cheap labor + imperialism × decaying gentocracy

Whats the plan Man? How you gonna fix this shit once it crashes, how many times is he gonna quatativly ease him self when inflation is rampant and not gonna respond to increassd intrest rates. Go Volcker suck on these these nuts

Go crazy tell me where you think the ecomy is going

  • Hmm [none/use name]
    ·
    2 years ago

    And he's echoed this more recently as well:

    (CNN) - Federal Reserve Chairman Jerome Powell told lawmakers on Thursday [23 June 2022] that aggressive interest rate hikes designed to tame inflation could lift unemployment on Main Street.

    Powell said that although it's "certainly possible" to get inflation under control without causing job losses, that may not be the case.

    "There is a risk that unemployment will move up, from what is an historically low level though," Powell said during a hearing before the House Financial Services Committee.

    Powell said the Fed's interest rate increases are "designed to drive growth down to a level that is more sustainable and give the supply side a chance to catch up."

    However, he conceded that the Fed does not have "precision tools" and job losses could be in the cards.

    The unemployment rate stood at just 3.6% in May, down from nearly 15% in April 2020. Last week, Fed officials projected the unemployment rate will rise to 3.9% at the end of 2023 and 4.1% at the end of 2024.

    Powell said that unemployment above 4% would "still be very strong."

    The Fed chair noted that today there are two vacancies for every unemployed person. "That's a labor market that's kind of overheating," he said.

    Source: https://edition.cnn.com/2022/06/23/economy/fed-jerome-powell-house-testimony

    • Hmm [none/use name]
      ·
      2 years ago

      So Powell's trying to walk a tightrope using the tools the Federal Reserve has: he is trying to in effect discipline labor by using interest rates to loosen the job market, but he's hoping to do it without dipping the economy into a recession.

      He's established that he's very much aware of how there's risk in his strategy. He isn't making guarantees about avoiding a recession.