Fed Chair Powell: Strap In, Economic Turbulence Ahead
22 Sep 2022
Here’s the Jerome Powell, the Fed chair, giving us finance-and-monetary policy nerdspeak for, “Oh, it’s coming, folks. Strap in for the situation that is ahead. Here comes the turbulence.”
“There’s a very high likelihood that we’ll have a period of below-trend growth, by which I mean much lower growth.”
— Bloomberg TV (@BloombergTV) September 22, 2022
Chairman Powell won’t admit how America got into such dire economic straits…
“Further rate hikes by the Fed will likely cause credit card rates to continue to rise, a double blow to families just scraping by.”
— Independent Women’s Voice (@IWV) September 22, 2022
America’s GDP growth is gonna be lower, prices are gonna be high, inflation will be durable.
“The chances of a soft landing are likely to diminish,” Powell said as the Fed steadily raises borrowing costs to slow the worst streak of inflation in four decades. https://t.co/k2ARmRbZZC
— WLOS (@WLOS_13) September 22, 2022
There will be less money rolling around and less jobs, too, causing unemployment to spike. It’s a recession.
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