Powell’s latest remarks noting uncertainty ahead come as the Fed’s anti-inflation fight is making slow progress, leaving the institution and its boss vulnerable to criticism over the cost to workers and businesses of continued rate hikes.
this week. “No one knows whether this process will lead to a recession or, if so, how significant that recession would be.”
Public confessions of doubt are rare in official Washington. But they have become commonplace for Powell, 69, whose candor reflects the uncertainties shrouding the global economy as well as a revolution in Fed communications since the days when then-Chairman Alan Greenspan cultivated an image of singular economic mastery.is making only slow progress, leaving the institution and its boss vulnerable to criticism over the cost to workers and businesses of continued rate hikes.
On Friday, the Dow Jones industrial average fell for the fourth straight day, sinking below 30,000 for the first time since June and wiping out everything investors had gained since November 2020.“People look to the Fed as the best source on where we’re going. The Fed has information. They have a highly-trained staff. They have no political reason to hide the ball,” said Claudia Sahm, who spent 12 years as a Fed economist. “Everyone wants to know where we’ll be next year.
After wrongly predicting for most of last year that inflation would prove “transitory,” Powell has emphasized the complexities involved in righting the $25 trillion U.S. economy as it is buffeted by an unusual mix of forces.
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