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Fed Chairman Tells Congress He’s Been a Dead-Head For 50 Years
Powell's primary message to Congress was to reiterate the largely unwelcome news that the Fed's interest-rate hikes would continue until inflation was fully subdued. The Fed has raised interest rates 10 times since March 2022 to 5% to 5.25% in its fight against inflation. It took a break in its rate hikes last week, but Powell said more are likely on the way even as the rate sits at a 16-year high.
A photo of Powell at the Dead & Co. show has circulated in social media feeds with plenty of jocular observations about what this might mean for the economy and inflation. "That guy is the main reason tickets are $80 and up this tour," tweeted @SmokinBat. "You can’t just print money. We play for life!"
Comments
Or maybe he's preparing to say goodbye for good?