Recession chances increasing ahead of Powell inflation remarks Wednesday

With inflation at a 41-year high and showing no signs of slowing down any time soon, chairman of the Federal Reserve Jerome Powell has been reluctant to warn Americans that it may be necessary to plunge the nation into recession in order to curb rising prices.

With the midterms only months away, any mention of the word recession by the Fed could spell trouble for the Democratic Party. This according to Bloomberg.

Inflation rose more than expected in May, leaving Powell to decide whether or not the Fed should push tougher monetary policy to get things back on track.

As Bloomberg points out, Powell, once "sounding a bit like the inflation-tolerant, former central bank chief Arthur Burns," has now, "taken on the mantle of inflation-slayer -- and Fed icon -- Paul Volcker."
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