Federal Reserve Raises Rates, Promises “Pain,” Ignores Profiteering
In a speech last Friday, Federal Reserve Chair Jerome Powell announced that he would be raising interest rates once more to bring down inflation. Powell said, “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”
Meanwhile, corporations are the ones setting prices higher than they need to be, inflating profits to an all-time high.
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