- October 26, 2022
- Posted by: Stratford Team
- Category: Economy
Illustration: Chen Xia/Global Times
US Senate Banking Committee Chair Sherrod Brown in a letter on Tuesday urged Federal Reserve Chair Jerome Powell to be cautious when it comes to tightening monetary policy that may risk costing the jobs of millions of Americans already plagued by high inflation, Reuters reported.
Brown’s letter comes as the Fed is widely expected to deliver a fourth straight supersized interest rate hike during the Federal Open Market Committee meeting next week.
While the letter only called for caution and did not explicitly ask the Fed to stop or slow down its interest rate hikes, it certainly reflects the anxiety over the economic costs and ineffectiveness of the Fed’s increasingly reckless policy aimed at bringing inflation down.
Despite the previous rounds of the Fed’s aggressive interest rate increases, which have exacerbated fears of a recession, US inflation remains at high levels. US consumer inflation rose 8.2 percent over…
