Can the Federal Reserve continue to raise interest rates in the middle of a banking panic?
The global economy is facing a slew of problems - and all eyes are looking in one direction: America.
Just two weeks ago, Chairman Jerome Powell warned the bank might need to raise interest rates further and faster than expected, citing concerns that progress on stabilising prices was stalling. Many analysts expect officials to raise rates by 0.25 percentage points - or perhaps hold off on an increase entirely.
He says Mr Powell will "have to play the two-handed economist perfectly", convincing investors that the central bank can still raise rates to fight inflation on the one hand, while using other tools to combat stress in the financial system. The bank failures have added to the scrutiny, putting into focus costs from the rapid rate rise campaign, while raising questions about whether the Federal Reserve had been too lax in its oversight.Senator Elizabeth Warren, a progressive Democrat who has long faulted Mr Powell's response to inflation, has accused him of presiding over an "astonishing list of failures", including faulty supervision.
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