March 9, 2023
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13:43Now PlayingFederal Reserve Chairman Jerome Powell used a lot of flowery language to say rate hikes and higher unemployment are coming. Ana Kasparian discusses on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"Sen. John Kennedy (R-LA) grilled Federal Reserve Chairman Jerome Powell on Tuesday about the central bank’s repeated interest rate hikes meant to “cool the economy” as Powell put it.
With inflation up 6.4% relative to a year ago and unemployment at a 50-year low, the Fed has raised interest rates to increase the cost of borrowing. This should decrease consumer spending and bring down inflation.
The Fed’s stated dual mandate is stable prices and full employment, and it seems the latter is being sacrificed for the sake of the former.
This is hardly a secret, as finance industry types have been openly endorsing this approach."
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