Jerome Powell
The Federal Reserve is under pressure to continue raising interest rates aggressively with inflation at a four-decade high, the job market strong and consumers still spending.
The Democratic senator said more increases could mean a recession with "millions of people out of work."
Fed chair Jerome Powell thinks the labor market is strong enough to withstand higher borrowing costs without suffering widespread job losses.
“The American economy is very strong and well-positioned to handle tighter monetary policy," Fed chair Jerome Powell said Wednesday.
WHAT'S HAPPENING
Rising prices have counteracted the heightened wages many Americans have been receiving.
Biden's decision strikes a note of continuity at a time when surging inflation is burdening households and raising risks to the economy's recovery.
The Federal Reserve is imposing a sweeping new set of restrictions on the investments its officials can own.
Citing the specter of the 2008 financial crisis, Warren called the Federal Reserve chair “a dangerous man” -- though it’s unclear how many senators agree.
The U.S. central bank is joining the financial equivalent of the Paris Agreement, becoming one of the last of its peers to do so.
The richest got even richer this year while the poorest struggled even more.