DISCLAIMER: GOLDINVESTMENTCOMPANIES.COM IS AN AFFILIATED PARTNER FOR GOLDCO PRECIOUS METALS, AUGUSTA PRECIOUS METALS, AND BIRCH GOLD GROUP, PROMOTING THEIR GOLD IRA, GOLD 401K TRANSFER AND BITCOIN IRA SERVICES AND PRODUCTS.
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.”
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
For more breaking news, visit http://www.kitco.com/
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: https://connect.kitco.com/subscription/newsletter.html
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: https://gold-forum.kitco.com/
Disclaimer: Videos are not trading advice and the views expressed may not reflect those of Kitco Metals Inc.