Fed Chairman Jerome Powell on Tuesday said that raising interest rates to slow the economy and cool high inflation can prove to be politically unpopular.
Quill Intelligence LLC CEO and chief strategist gives her take on what is next for the Federal Reserve on 'Making Money.'on Tuesday stressed that central bank policymakers remain committed to wrestling high inflation under control, even though the methods to do so can prove to be politically unpopular.
The Fed's structure – in which it makes decisions free of oversight by elected officials – allows it to take "these necessary measures without considering short-term political factors," he added. Federal Reserve Chairman Jerome Powell speaks during a news conference at the Federal Reserve Board building in Washington, Wednesday, July 27, 2022.
On top of that, climate activists and some lawmakers have demanded the Fed take further action on climate change in order to shift the U.S. economy away from fossil fuels. The Fed has askedto participate in a scenario designed to measure their response to climate-related financial risks, but has done little else on the matter.
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