No Result
View All Result
New York Weekly
Thursday, June 30, 2022
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
New York Weekly
No Result
View All Result
Search
[wpdts-weekday-name], [wpdts-month-name] [wpdts-day], [wpdts-year]
SUBSCRIBE
Menu
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
SUBSCRIBE
Search
Close
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
Menu
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise

Jerome Powell Admits Recession Is a Possibility but Says It Is Unlikely

by Alex McCurry
June 27, 2022
in Business
Jerome Powell maintains recession is unlikely to happen

Jerome Powell maintains recession is unlikely to happen

Inflation has been the topic on everyone’s lips for the past couple of months as many fear it would lead to a recession, but Federal Reserve chairman Jerome Powell believes that while there’s a possibility of it happening, it is most unlikely.

A week after the Fed ordered the largest interest rate increase since 1994, Powell addressed the Senate Banking Committee amid the growing pressure on the bank to combat inflation.

Read also: Update on America’s Burger Chains Amid the Inflation

“We need to get inflation back down to 2%,” the chairman told lawmakers. “We’re using our tools to do that. And the public should believe that we will get inflation back down to 2% over time.”

Sen. Elizabeth Warren, D-Mass., warned that they could see an abrupt increase in borrowing costs, which could produce a surge in layoffs while doing little to fix the supply shocks that drove up the price of gasoline and groceries.

“You know what’s worse than high inflation and low unemployment?” Warren asked. “It’s high inflation and a recession with millions of people out of work. I hope you’ll reconsider that, before you drive this economy off a cliff.”

Powell reiterated that the economy is at an advantage to endure higher interest rates, but he also acknowledged that the Russian invasion and lingering supply-chain problems add to the risk of an economic slowdown.

“It’s certainly a possibility. It’s not our intended outcome at all, but it’s certainly a possibility,” said Powell. “We’re not trying to provoke – and I don’t think that we will need to provoke – a recession. But we do think it’s absolutely essential that we restore price stability, really for the benefit of the labor market as much as anything else.”

Although many are anticipating recessions, Powell argues that predicting them is difficult, saying he doesn’t see the risks to be particularly high.

“The U.S. economy for now is strong. Spending is strong. Consumers are in good shape. Businesses are in good shape,” reassured Powell. “Monetary policy is famously a blunt tool. And there’s risk that weaker outcomes are certainly possible. But they’re not our intent.”

Due to the rising mortgage rates, some Republicans on the committee are blaming the Fed for waiting too long to crack down on inflation, blaming the $1.9 trillion dollar relief bill last year for fueling consumer demand. 

Jerome Powell and other officials admit they misjudged the severity and staying power of inflation. But the Fed chairman reassured people of his determination to bring prices under control.

“We have the tools and the resolve and hopefully the judgment to accomplish that task,” said Powell.

Read also: S&P 500 Enters Bear Market Territory, Bank of America Warns Investors to Prepare for Misery

Tags: Featured

Opinions expressed by NY Weekly contributors are their own.
Alex McCurry

Alex McCurry

Alex McCurry is a serial entrepreneur and digital branding expert. Alex has worked with everyone from public companies, to fortune 500 executives, to celebrities, & more.

Next Post
Kevin-Prince Boateng and Valentina Fradegrada become the first couple to be wed in the metaverse

Soccer Star Kevin-Prince Boateng and Valentina Fradegrada Holds First Metaverse Wedding on the Moon

Entertainment

Will Riverdale See an Adaptation of Afterlife with Archie?

World

The Central African Republic Will Be Pushing the Adoption of Cryptocurrency as a Legal Tender

Business

KPMG USA and Canada to Delve into the Metaverse

Business

Elon Musk’s Support for Dogecoin Continues Despite Lawsuit

Entertainment

Avatar: The Last Airbender Rumored to Get Three Animated Films

Entertainment

Ezra Miller’s Vermont Farm a Haven to a Mother and Three Children, But Property Riddled With Guns and Drugs

Entertainment

The 2023 Flash Film Tipped to Be Ezra Miller’s Last Outing as the Speedster

Technology

Instagram’s New Parental Feature Allows Safer Experience for Teenagers

Technology

Soccer Star Kevin-Prince Boateng and Valentina Fradegrada Holds First Metaverse Wedding on the Moon

Business

Jerome Powell Admits Recession Is a Possibility but Says It Is Unlikely

New York Weekly

© 2022 New York Weekly.
All Rights Reserved
A News Anchored Network Publication

Navigate Site

  • Terms and Conditions
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • Politics
  • World
  • Business
  • Science
  • Entertainment
  • Lifestyle
  • Technology
  • Health

© 2022 New York Weekly.
All Rights Reserved
A News Anchored Network Publication

NY WEEKLY

  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
Menu
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise

LEGAL

  • Terms and Conditions
  • Privacy Policy
Menu
  • Terms and Conditions
  • Privacy Policy

FOLLOW US

  • Facebook
  • Twitter
  • Instagram

SUBSCRIBE:

SUBSCRIBE TODAY
New York Weekly is part of a News Anchored Network Publication.
© 2022 New York Weekly. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

NY WEEKLY

  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
Menu
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise

LEGAL

  • Terms and Conditions
  • Privacy Policy
Menu
  • Terms and Conditions
  • Privacy Policy

FOLLOW US

  • Facebook
  • Twitter
  • Instagram

SUBSCRIBE:

SUBSCRIBE TODAY
New York Weekly is part of a News Anchored Network Publication.
© 2022 New York Weekly. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

NY WEEKLY

  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise
Menu
  • World
  • U.S
  • Education
  • Entertainment
  • Politics
  • Business
  • Science
  • Technology
  • Advertise

LEGAL

  • Terms and Conditions
  • Privacy Policy
Menu
  • Terms and Conditions
  • Privacy Policy

FOLLOW US

  • Facebook
  • Twitter
  • Instagram

SUBSCRIBE:

SUBSCRIBE TODAY
New York Weekly is part of
a News Anchored Network Publication.
© 2022 New York Weekly. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY