The Democratic US Senator Elizabeth Warrenhas expressed concern on Sunday about a possible recession in the US economy, criticizing the aggressive stance of Fed Chairman Jerome Powell.
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“You know what’s worse than high prices and a strong economy? It’s high prices and millions of people out of work. I am very concerned that the Fed is going to tip this economy into recession.“.
“What Powell calls ‘some pain’ means putting people out of workclosing small businesses because the cost of money goes up because interest rates go up.
“There is nothing in the interest rate hike, nothing in Jerome Powell’s tool bag, that directly addresses that and he has admitted that in congressional hearings.”
Market reaction
The US dollar’s rampage spreads in early European trading, as risk aversion and bond market selling are deepened by hawkish rhetoric from the world’s major central banks. The dollar index is now at a new two-decade high at 109.48, up 0.60% on the day.
Source: Fx Street
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