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May 4, 2023

Fed Chair Accused of "Aiming to Put People Out of Work" with Latest Interest Rate Hike
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The Federal Reserve has voted to raise interest rates for the 10th
consecutive time. Fed Chair Jerome Powell announced the latest increase
on Wednesday, which brings the benchmark interest rate to a 16-year high
of more than 5%.

Jerome Powell: "Reducing inflation is likely to require a period of
below-trend growth and some softening of labor market conditions."

Labor organizations blasted the Fed's move, saying it will drive
unemployment higher and further risks plunging the economy into
recession. Massachusetts Democratic Senator Elizabeth Warren accused
Powell of "aiming to put people out of work." 


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