The Washington Post editorial board published a piece Monday calling for bolder action from the Federal Reserve to confront inflation after previous praise for non action.
Mary Daly weighs in on higher interest rates, gas prices and the likelihood of a recession on 'Special Report.'The Washington Post editorial board warned Monday that if the Federal Reserve Board Chairman Jerome Powell does not take decisive action to curb inflation, he"risks losing the public’s confidence." This comes after the board praised Powell for"deemphasizing inflation control in favor of maximizing employment" in November 2021.
WASHINGTON, DC - NOVEMBER 30: U.S. Treasury Secretary Janet Yellen and Federal Reserve Board Chairman Jerome Powell testify during a hearing before Senate Banking, Housing and Urban Affairs Committee on Capitol Hill November 30, 2021 in Washington, DC. at their meeting this week. Increased interest rates are intended to make borrowing more expensive and reduce demand in the economy, hence, bringing down prices.
"For the past month, top Fed officials have been signaling they will do a 50-basis-point increase, but that was before the disastrous May inflation report that came out Friday and showed large price shocks in gas, groceries, rent, airfares, cars and various services," they wrote. U.S. President Joe Biden meets with Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen, in the Oval Office at the White House on May 31, 2022 in Washington, DC.
US Federal Reserve Chairman Jerome Powell testifies before the House Oversight And Government Reform Committee hearings on oversight of the Treasury Department's and Federal Reserve's Pandemic Response, on Capitol Hill in Washington, DC, September 30, 2021. They were so enthusiastic about Powell’s candidacy that they titled the article,"What is Biden waiting for? Renominate Jerome Powell already." They said Powell"deserves another term".
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