Warren Grills Powell on Recent Bank Failures
June 22, 2023
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0:59Now PlayingWarren Grills Powell on Recent Bank Failures
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as posted by the channelUS Senator Elizabeth Warren grills Federal Reserve Chair Jerome Powell about the regional bank runs earlier this year and the state of financial regulation during Powell's semi-annual monetary report to the the Senate Banking Committee.
Powell said returning US inflation to 2% is crucial to support the long-term health of the US economy, and that more interest-rate increases may be needed this year.
Policymakers feel “it will be appropriate to raise rates again this year, and perhaps twice,” if the economy performs about as expected, even as they’ve been hiked to an appropriately restrictive level, Powell told the Senate Banking Committee Thursday.
The Fed chair said it is working families who suffer most directly and quickly from high inflation.
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