U.S. Fed chair blamed for recession: The Hill

Xinhua
31 Mar 2023, 04:05 GMT+10

Powell is right to try to stomp out inflation, but he deserves blame for bringing us to the brink of recession.

NEW YORK, March 30 (Xinhua) -- The Democratic administration of the United States recklessly spent too much, heedless of the overheating economy, bank supervisors did a lousy job preventing problems even as alarm bells rang, and Federal Reserve chair Jerome Powell certainly not the only one responsible for bringing the nation to the brink of recession, reported The Hill on Monday.

However, Senator Elizabeth Warren wanted to oust Powell. Last week she went after him, saying in an interview on NBC's "Meet the Press": "My views on Jay Powell are well-known at this point. He has had two jobs. One is to deal with monetary policy. One is to deal with regulation. He has failed at both," the report noted.

"Powell is in the driver's seat and is coming under increased scrutiny. Democrats, worried that a recession could hurt them badly in the elections of 2024, need a scapegoat. But it's not just Democrats who are critical of Powell's actions," said the report.

"Powell has gotten himself in a box. For several months he has tried to convince Wall Street that he means business and will pursue his anti-inflation rate hikes no matter what. For months, Wall Street has ignored him," it noted.

"Powell is right to try to stomp out inflation, but he deserves blame for bringing us to the brink of recession," it added.

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