The U.S. economy is likely to slow in coming months, and more workers will lose their jobs, Federal Reserve Vice Chairman for Supervision Michael Barr said.
The U.S. economy is likely to slow in coming months, and more workers will lose their jobs, a top Federal Reserve official said Tuesday.
“I think that it is the case we are going to see significant softening in the economy,” said Fed Vice Chairman for Supervision Michael Barr, during an appearance before the Senate Banking Committee. Barr said he didn’t have a precise estimate of the slowdown. The Fed has been rapidly raising its benchmark interest rate this year in order to cool inflation. Some economists think the rapid pace will lead to a recession.
Asked by Sen. John Kennedy, Republican of Louisiana, for his comment on former U.S. Treasury Secretary Lawrence Summers’ prediction that unemployment rate will have to rise towards the 6% range to cool inflation, Barr said only that he thinks unemployment would likely rise, but didn’t speculate on how high.The unemployment rate stood at 3.7% in October.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fed boosts focus on liquidity, other risks as economy weakens: BarrMichael Barr, the Federal Reserve's top regulatory official, said Monday the U.S. central bank is watching for any stresses to the financial system amid a weakening economy, and signaled that stiffer oversight of cryptocurrency is in the offing.
Read more »
Pace of interest rate hikes can slow soon: Fed vice chairThe Fed raised its policy rate early this month to a range of 3.75%-4%, its fourth straight 75-basis-point interest-rate hike.
Read more »
Slower pace of rate increases could be coming 'soon,' says Fed vice chair | CNN BusinessIt could soon be time for the Federal Reserve to ease up on its super-sized rate interest hikes, according to the central bank's number-two policymaker, Vice Chair Lael Brainard.
Read more »
Dollar weakens on peak Fed rate expectations By Investing.com⚠️BREAKING: *U.S. DOLLAR EXTENDS LOSSES TO LOWEST SINCE AUG. 15 ON PEAK FED RATE EXPECTATIONS
Read more »
Former Vice President Mike Pence sits down in exclusive interview with David MuirFormer Vice President Mike Pence said in an exclusive interview with ABC's 'World News Tonight' anchor David Muir that former President Donald Trump's rhetoric was 'reckless' as a mob of his supporters ransacked the Capitol last year.
Read more »
Istanbul blast considered a terrorist attack after 6 killed, 81 injured, Turkish vice president saysA bomb exploded on a popular pedestrian street in Istanbul, killing six people, wounding dozens and sending people fleeing as flames rose.
Read more »