From WSJopinion: More aggressive interest-rate hikes will cost millions of jobs and won’t address the causes of high prices, writes SenWarren
In an effort to tackle inflation, the federal reserve is raising interest rates to three-quarters of a percentage point, and could do the same again in July. So why the mixed messages in Jerome Powell’s briefing? Images: Shutterstock/Reuters Composite: Mark KellyEven as the pandemic continues to take its toll, the U.S. has experienced a surprisingly strong economic recovery. Since President Biden’s inauguration, the U.S. economy has created nine million new jobs.
Inflation is a global phenomenon inflicting significant financial pain on families everywhere. Rising costs are an urgent problem, and interest rates play a key role in maintaining price stability. But urgency is no excuse for doubling down on a dangerous treatment. As with any illness, the right medicine starts with the right diagnosis.
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