Fed Chair Powell is facing some quite aggressive Congressional questioning on the impact of high rates on low-income households, housing, capital requirements, and more.
His response is, understandably, to repeatedly refer back to the
#inflation mandate.
The situation would have been less uncomfortable for the
#Fed had it not mischaracterized the inflation problem for so long in 2021, been so late in its policy response and, therefore, had to hike rates aggressively and to a higher level than would have been otherwise necessary.
#FederalReserve #economy #markets