Fed head: US economy faces 'unusual set of disruptions' foll...| MENAFN.COM

Friday, 09 December 2022 03:15 GMT

Fed head: US economy faces 'unusual set of disruptions' following 75 basis points rate hike


(MENAFN) The Federal Reserve Chair Jerome Powell stated on Friday that the American economy faces "unusual set of disruptions" after the central bank made a rate hike of 75 basis points of rate hike for the third time in a row on Wednesday.

"We continue to deal with an exceptionally unusual economic set of disruptions. As policymakers, we are committed to using our tools to help steer the economy through what has been a uniquely challenging period,” he stated throughout a Fed Listens event hosted in Washington, D.C.

Powell pointed to the ongoing record peak inflation and low financial expansion environment as "the new normal" and stated that "The insights you share in these events help us home in on the challenges and opportunities that are shaping what we might think of as the new normal of the American economy."

The Fed has made taming inflation as the main priority over financial expansion, but there still remains the threat of a recession in the US economy.

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