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Senator Warren blasts Fed’s Jerome Powell on banks, rates
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Sen. Elizabeth Warren took a few swipes at Federal Reserve Chairman Jerome Powell on Wednesday, blasting him over the central bank's aggressive interest rate hikes and the failure of multiple U.S. banks in recent weeks.
"We've got the Fed right at the center of the two biggest economic problems in this country," the Massachusetts progressive told FOX Business. "The first is that [Powell] has raised interest rates at an extreme level unlike anything we've ever seen in modern times, and it has certainly created problems throughout the banking system."
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"And then secondly, we have a banking system that we've lost multiple banks now. And why? Because the Fed under Chair Powell has failed to supervise and regulate those banks as they are required to do," she added.
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Warren made the remarks ahead of the Fed announcing its unanimous decision to raise its benchmark interest rate by a quarter of a point, in its ninth consecutive rate hike since last spring in the central bank's attempt to tame high inflation. The senator said she believed the Fed should hit pause and not increase rates any further on Wednesday.