Questions from corporate media outlets focused instead on workers' wages and the job market, which the Federal Reserve is attempting to weaken with aggressive rate hikes.
focused on workers' wages and the labor market, which Powell is explicitly trying to weaken. Reporters also pushed Powell on the risks of recession, which he admitted are growing, and the stock market's reaction to the Fed's latest announcement.
While Powell—who has previously said one of his objectives is to"get wages down"—conceded Wednesday that he doesn't seeas the"principal story of why prices are going up," he and other Fed officials continue to enact aggressive rate hikes that will ultimately have the effect of cutting wages and potentially throwing millions out of work.
"The Federal Reserve's decision today to raise interest rates by 0.75% will have a direct and harmful impact on working people and our families," said Liz Shuler, the president of the AFL-CIO."The Fed's actions will not address the underlying causes of inflation—the war in Ukraine, climate change's effect on harvests, and corporate profits."
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