Side note to Chairman Powell: Better watch your back.
Posted on 08/02/2024 11:14:03 AM PDT by BradtotheBone
Sen. Elizabeth Warren (D-Mass.) slammed Federal Reserve Chair Jerome Powell for holding interest rates steady earlier this week after Friday’s jobs report came in weaker than expected.
“Fed Chair Powell made a serious mistake not cutting interest rates,” Warren said in a post on social platform X. “He’s been warned over and over again that waiting too long risks driving the economy into a ditch.”
“The jobs data is flashing red,” she added. “Powell needs to cancel his summer vacation and cut rates now — not wait 6 weeks.”
The central bank opted Wednesday to maintain rates at a range of 5.25 percent to 5.5 percent. In a press conference following the announcement, Powell noted that the Fed could begin cutting rates “as soon as” September if inflation and the labor market continue to cool.
However, the July jobs report hinted at a quicker slowdown than previously anticipated. The U.S. added 114,000 jobs last month, and the unemployment rate ticked up to 4.3 percent, according to Labor Department figures.
(Excerpt) Read more at thehill.com ...
Actually I don’t think the rates are high enough.
and this is why Trump needs to do a press conference NOW..talk about this over and over and over again..this is about our POCKETBOOK, nothing else..we are in a recession, and the commies are scared this is gonna be 2008 all over again which will cost them the election, they dont care about anything except POWER
Just what I want. $10 loaf bread. How about cut spending you moron.
We are one step away from becoming Venezuela/Argentina and Americans truly do not have a clue. This is all so sad.
As if there are no extreme negatives to free money. The world is so screwed up from banker games.
Don’t get excited over that low jobs report. It’ll get revised downward later.
Oh so politicians can now tell the fed what to do?
If so what the hell do we need the fed for?-)
For comparison, this far into Reagan's first term it was 11.23%.
Side note to Chairman Powell: Better watch your back.
Did she hammer him? Or use a tomahawk?!
Gray Beaver heap mad.
The Fed is not there to facilitate your Socialist agenda!
STARTING to panic. Markets are crashing all over the world the US is down more than a thousand points. It is a little late to start worrying.
She’s such a hack. He’s already signaled a rate drop for next month. Banks will act accordingly, just to this nod. Smart money will dive into real estate, NOW, before property prices go up due to the signaled and actual interest drop. Banks will accommodate buyers. Settle down, lady.
They need to Raise rates, mortgages were 8.25% when I bought my first house in 1993
The only sectors hiring are government and health care.
Don’t know what the problem is, other than Wall Street is getting hit.
The jobs report was not horrible. Unemployment 4.3%. Pretty much in line with historical norms.
Actually, most of the decline is from relentless indications that AI, on which the market based its recent rises, is not proving to be a major profit enhancer.
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