![]() ![]() “I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work - and I fear he’s already on the path to doing so.” “Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment,” Warren tweeted. ![]() One of Powell’s biggest critics, Senator Elizabeth Warren, was quick to fire off a tweet decrying the “extreme” hike, which the Fed itself expects will push unemployment up to 4.4% from 3.7% currently - amounting to more than 1 million jobs. Mortgage rates, which are already more than double where they were a year ago, will also keep rising. What’s it all mean for us regular people? Sorry to say, but the “pain” the Fed chief keeps warning about is mostly pain for lower and middle class people, who are more likely to be laid off, see their hours or wages cut, and have trouble paying credit card debt as rates go up. ![]() ![]()
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