Federal Reserve Chair Jerome Powell testified in Congress on June 22 that the central bank remains determined to keep hiking interest rates high enough to cool the red-hot inflation, acknowledging that recession is “certainly a possibility” but insisting the American economy is robust enough to withstand tighter financial conditions. With decades-high inflation running “well above” the Fed’s longer-run target…

Read More

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., described the challenges facing the U.S. economy akin to an “hurricane” down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world’s biggest economy into a recession. Dimon’s comments come a day after President Jo Biden met…

Read More