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Fed chair Jerome Powell: Rate hikes could lead to more job losses

Summary by Ground News
Jerome Powell tells lawmakers that aggressive interest rate hikes could lift unemployment on Main Street. Powell says the Fed does not have precision tools and job losses could be in the cards. The unemployment rate stood at just 3.6% in May, down from nearly 15% in April 2020. The Fed admits it misjudged the risk of high inflation.

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CNN broke the news in Atlanta, United States on Thursday, June 23, 2022.
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