Federal Reserve Chairman Jerome Powell — who recently won a second term from President Joe Biden despite spectacularly failing to prevent painful inflation — finally admitted his botched approach to controlling inflation could plunge America into a recession.
“It’s not our intended outcome at all, but it’s certainly a possibility, and frankly, the events of the last few months around the world have made it more difficult for us to achieve what we want, which is 2 percent inflation and still a strong labor market,” Powell told the U.S. Senate Banking Committee Wednesday. “Of course, we’re not trying to provoke and don’t think that we will need to provoke a recession. But we do think it’s absolutely essential that we restore price stability, really for the benefit of the labor market as much as anything else.”
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