US Fed chair admits recession a 'possibility' after rate hikes

Summary by Ground News

Jerome Powell addressed the Senate Banking Committee Wednesday. The Fed is under growing pressure to combat inflation, which hit a four-decade high in May. Powell stressed the economy is well-positioned to withstand higher interest rates. But he acknowledged that the war in Ukraine and lingering supply-chain problems increase the risk of an economic slowdown.

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7 days ago·Washington, United States

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Times of India

Fed's Powell: committed to inflation fight, not trying to trigger recession

That steep rate hike path, designed to slow the economy, has sparked widespread concern about a recession and a weakening of labor markets, which Powell on Wednesday said were unsustainably hot.

6 days ago·Mumbai, India

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Reuters

Fed's Powell: committed to inflation fight, not trying to trigger recession

The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday.

7 days ago·United Kingdom

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CNN

Jerome Powell: Recession after interest rate hikes certainly a possibility - CNN Video

Federal Reserve Chairman Jerome Powell said there is a risk that the Fed's aggressive interest rate hikes cause an economic downturn in the United States. CNN's Matt Egan reports.

7 days ago·Atlanta, United States

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Sydney Morning Herald

The Wrap: ASX moves higher despite commodity prices hurting energy, miners

The Australian sharemarket edged 0.3 per cent higher on Thursday thanks to strong real estate and health care stocks, but was held back by falls in the energy and mining sectors.

7 days ago·Sydney, Australia

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New York Times

Powell says the Fed is ‘not trying to provoke’ a recession, but it is ‘certainly a possibility.’

Jerome H. Powell, the chair of the Federal Reserve, testified before a Senate committee at a moment of rapid inflation and rising interest rates.

7 days ago·New York, United States

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ABC Australia

ASX rises, Wall Street slips as Jerome Powell says US recession is a 'possibility'

The Australian share market rises in morning trade, while Wall Street falls slightly after the US Federal Reserve chairman Jerome Powell tells a Senate committee that a “soft landing” for the US economy will be difficult.

7 days ago·Australia

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