US Fed chair admits recession a ‘possibility’ after rate hikes


Federal Reserve chair Jerome Powell says a series of aggressive rate hikes meant to cool soaring inflation may eventually trigger a recession. – EPA pic, June 23, 2022.

THE US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve chair Jerome Powell cautioned yesterday.

Powell, whose testimony before senators was closely watched by investors and analysts, also said the world’s largest economy faces an “uncertain” global environment and could see further inflation “surprises.”


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