Warren, Sanders and 9 other lawmakers eviscerate Jerome Powell and the Fed.

[WarGamer]

https://finance.yahoo.com/news/disregard-livelihoods-millions-elizabeth-warren-184500239.html


It’s not just investors who don’t like rate hikes. High-ranking politicians are asking the Fed to think twice about raising interest rates, too.

In a scathing letter to Fed Chairman Jerome Powell, a group of 11 lawmakers — including Senator Elizabeth Warren and Senator Bernie Sanders — criticized his commitment to ‘act aggressively’ on rate hikes even if ‘no one knows’ whether the process would lead to a significant recession.

“These statements reflect an apparent disregard for the livelihoods of millions of working Americans, and we are deeply concerned that your interest rate hikes risk slowing the economy to a crawl while failing to slow rising prices that continue to harm families.”

[elleng]

1. 'even if 'no one knows' whether the process would lead to a significant recession.'

[sprinkleeninow]

2. Thank you both. I rest my case...

[Deuxcents]

3. I read where Powell is a republican and if so..

These rate hikes are of their ideology. Is this why it’s so deeply concerning n if so, where is the outcry?

[stopdiggin]

4. "concerned that your interest rate hikes risk slowing the economy to a crawl"

trouble is - there is little or no sign of much slowing in the economy at all, much less 'to a crawl' Down the line we might be seeing a different picture - but at this moment - inflation is far and away a bigger hammer on working and poor households than are interest rates.

And the alternative to the Feds approach is .. ? Sitting on our hands while inflation spirals up? Memories are predictably short.

[OMGWTF]

5. The inflation is largely GREED!

[Mopar151]

6. And cost shifting from the needlessly wealthy to people 2 paychecks short too often! nt

[Mopar151]

7. Wage growth is the Fed's bogeyman

So much so, that the moneyed interests have tried (and succeed, IMHO) to queer the cost of living indices times 2, maybe 3?