Sen. Warren: Higher Interest Rates Won’t Stop Putin’s War, Companies from Price Gouging

‘Raising interest rates is not going to cause Vladimir Putin to turn his tanks around and suddenly restart the flow of oil from Russia around the world’

EXCERPT:

WARREN: “I asked chair Powell will it lower the cost of gasoline? And he said no. I said will it lower the cost of groceries? And he said no. In fact, what he said is that it will, in effect, cause less investment in jobs and factories, and put more people out of work and have more people with their hours cut. You know, what that really means is it will make a lot of people poorer. And that that is the tool that he has available to try to deal with inflation. Inflation is a lot like an illness. You’ve got to make sure that you’ve got the right medicine. And right now with the kind of inflation we’re seeing, raising interest rates is not going to cause Vladimir Putin to turn his tanks around and suddenly restart the flow of oil from Russia around the world. It’s -- it's not going to keep these giant corporations from price gouging.”

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