Powell says curbing inflation without recession still possible
. Many economists are skeptical that consumers would see the full benefit of a tax holiday on the 18.4-cent-a-gallon gas tax.
At Wednesday’s hearing, Sen. Elizabeth Warren, a Democrat from Massachusetts, challenged Powell’s rate hike plans and asked whether they would reduce gas or food prices, some of the highest-profile drivers of inflation. Powell acknowledged that they wouldn’t. Yet Warren and other Democrats argued that the Fed’s approach carries the risk of weakening the economy and heightening unemployment even as the war in Ukraine keeps gas and food prices high. Such a dynamic would resemble the
At a news conference last week, Powell suggested that a rate increase of either half or three-quarters of a point will be considered at the Fed’s next meeting in late July. Either one would exceed the quarter-point Fed hikes that have been typical in the past, and they reflect the central bank’s struggle to curb high inflation as quickly as possible.
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