Fed’s rate hikes won’t lower gas or food prices, Senator Warren grills Powell


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Several U.S. Senators grilled Federal Reserve Chair Jerome Powell on how raising rates actually fights inflation, referring to rate hikes as “blunt” instruments. The Fed chair responded that the goal of the aggressive hiking cycle is to lower demand growth.

The comments were made during Powell’s testimony before the Senate Banking Committee Wednesday.

Democratic U.S. Senator Elizabeth Warren challenged the effectiveness of the Fed’s rate hikes. Warren asked whether rate increases would help lower food or gas prices. To which Powell admitted that they wouldn’t.

“You know what’s worse than high inflation with low unemployment?” Warren asked. “High inflation and a recession with millions of people out of work … I hope you consider that before you drive the U.S. economy off a cliff.”
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