Home » World News » Interest rate hikes 'won’t stop big corporations' raising prices, Sen. Brown to tell Fed chair
Interest rate hikes 'won’t stop big corporations' raising prices, Sen. Brown to tell Fed chair
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The Federal Reserve’s back-to-back interest rate hikes are expected to play a significant role in today’s Senate hearing with its chairman, Jerome Powell, according to early excerpts of Banking Committee Chair Sherrod Brown’s opening statement.
"[R]aising interest rates certainly won’t stop big corporations from exploiting all of these crises to jack up prices far beyond the increase in their costs," the Ohio Democrat will say, according to the text obtained by Fox News Digital.
Powell, who has served under both the Trump and Biden administrations, is coming to Capitol Hill to testify about the Fed’s semiannual monetary policy report – which suggested a dim outlook for consumer spending trends and the national labor force.
Powell’s Fed has enacted eight consecutive interest rate hikes in a bid to cool down an economy that’s been running hot for much of President Joe Biden’s first term.
Brown is expected to press Powell on those increases while simultaneously pointing out the record profits enjoyed by most corporations – even despite periods of decades-high inflation.
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