Fed Chairman Jerome Powell admits possibility of higher rates causing recession

Chairman of the Federal Reserve Jerome Powell said the central bank’s battle with inflation could lead it to raise interest rates high enough to cause an economic slowdown.

“It’s definitely a possibility,” Powell said Wednesday during the first of two days of congressional hearings. “We are not trying to provoke and do not think that it will be necessary to provoke a recession, but we believe that it is absolutely essential” to bring down inflation, which is at its highest in 40 years.


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