, the central bank's Federal Open Market Committee said it"anticipates that ongoing [interest rate] increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time.", estimating that gross domestic product growth will slow next year and the unemployment rate will rise significantly—a reflection of the impact the central bank's policy moves have had on the U.S. economy thus far.
Liz Zelnick, director of the Economic Security and Corporate Power program at Accountable.US, said in a statement that"recession is not inevitable, but that depends largely on the Fed." "While the Fed took a step in the right direction by easing off more aggressive rate hikes, it should quit while it's ahead," said Zelnick."Now is the time for policymakers to focus on what is keeping the economy from soaring—corporate greed. Job-killing interest rate hikes have clearly not deterred corporations from excessively raising prices on working families despite reporting record profits and enriching investors.
During a press conference following the rate hike, Fed Chair Jerome Powell said that while"inflation data received so far for October and November show a welcome reduction in the monthly pace of price increases," he believes it"will take substantially more evidence to give confidence that inflation is on a sustained downward path."
The 50-basis-point rate increase comes as the Fed leadership continues to face growing outside pressure—as well as some
RBReich Is he serious? Inflation is always and everywhere a monetary phenomenon. And 800 years of data available on FRED shows it to be the primary factor weighing against real wage growth. The Fed's LOW rates since Bretton Woods was abandoned are the reason for wage stagnation.
RBReich Why weren’t u screaming when the democrats passed all those ridiculous spending bills? Because ur a yellow dog democrat. U guys stick together regardless of the damage u do to our country.
RBReich Thanks to Biden policies
RBReich And the reason is? Too much spending by the democrats. Say it, it won’t hurt long and the truth will set you free.I know u haven’t tried that lately, but u can do it,say it, better than an enema.
RBReich According to the WH wages are better than inflation. Come on man.
RBReich Now is not the time to spend❗❗❗ If you care about American workers (I know you don't) printing money = inflation ❗
RBReich And hes wrong as usual, money printing needs to cool down
RBReich Focusing on inflation instead of people is disastrous. Housing is the most vital part of the economy and raising rates stopped builders and made housing out of reach
RBReich Look at the market charts. A glide path smooth as a textbook carrier landing. If the rates had been 5% all along so American's could invest in America, we wouldn't have to worry about Social Security or Medcare. The Fed would also have had room to use the system Greenspan broke.
RBReich And……..they want to crush wages lol
RBReich If Americans stopped consuming for one or two day, I mean at every level our economy might collapse. That is all that the Feds want from Americans, spend, spend, spend. Don't produce, just spend.
RBReich America had no real economic competition for over 40 years after WW2. Then when big corporations got their first chance they bailed out and moved manufacturing overseas gutting the US working class. Debt spending is the duct tape holding the US together now.
RBReich All the produce continues to keep the same relative value...what is changing is the currency devaluation.
RBReich What subjects do you teach? Do you know that inflation reduces 'real purchasing power'? Do you see the high inflation we've been experiencing under Biden?
RBReich And then there will be one AKA 666
RBReich
RBReich It’s like they want to wreck the economy..
RBReich You'd think that with all the businesses firing people and freezing new hires, the federalreserve would wait a minute to see if they've driven the economy into recession yet... Do your part. This season, re-gifting is the name of the game!
RBReich But Joe Biden says wages are up...you're not following the narrative Robert.
RBReich So as found out behind closed doors 'They' want a recession so the higher paying jobs dry up and we will loose again. The Game is Rigged...
RBReich It is the feds only tool
rmgoldman1 RBReich The Fed is hellbent on making the BOA memo come true. They all hope conditions for American workers get worse, as the give Employers more leverage. Because, you know, the wealthy doesn’t have enough power already.
RBReich How about it is time to DO SOMETHING about corporate price gouging? Record all-time quarterly profits and Congress does NOTHING!!!!!!!!!!!!!!!!!!
RBReich I completely agree with RBReich
RBReich The only effect of raising interest rates is it’s passed on to consumers so now commercial banks can charge 28% on credit cards. 🤬
RBReich They want to curb inflation via increasing unemployment there by decreasing demand....this is insiduous.
RBReich Can POTUS do anything about this? It’s crazy to see us needlessly trigger a recession.
RBReich Biden needs to give this Trump clown the steel toe boot. Oligarchs and greedy corporations are gouging the hell out of this nation, wrecking economic havoc, and this clown wants to ignore that aspect. So sick of right-wing crap in this society.
RBReich the more you are spending on time the more you should be willing to spend on interest rates
RBReich WE HAVE TO SAVE THE RICH. WE MUST.
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