'With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy,' Democratic Sen. Joe Manchin wrote in a letter to Fed Chairman Jerome Powell
In a Thursday letter to Fed Chairman Jerome Powell, Manchin called for the US central bank to immediately reverse course and remove stimulus support for the economy before it overheats."With the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy," the moderate lawmaker from West Virginia wrote.
"US employers added 943,000 jobs in July, signaling a strong labor marketHowever, Powell, whose term expires in February, acknowledged it"could take some time" for prices to fade. Powell emphasized the Fed won't hesitate to step in if inflation expectations get out of whack. The Fed's task is being further complicated by the Delta variant, which could ease inflation in the short term but make supply chain issues even worse in the medium and long run.
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