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Sen. Warren warns Fed Chair Powell not to ‘drive this economy off a cliff’

The Federal Reserve should make sure that its rate increases do not push Americans into the unemployment lines, said Sen. Elizabeth Warren, the Democrat from Massachusetts, on Wednesday. “Inflation is like an illness, and medicine needs to be tailored to the specific problem. Otherwise you could make things a lot worse,” Warren told Fed Chairman Jerome Powell during a Senate Banking Committee hearing. “You could actually tip the economy into a recession,” she said. The Fed has no control over global oil prices that are driving up gas prices, Warren said. “What’s worse than high inflation and low unemployment?” Warren asked. “High inflation and recession with millions of people out of work,” she answered. “I hope you consider that before you drive this economy off a cliff,” she said.
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