Federal Chair Jerome Powell has warned the American economy will see even more damage before comes down from a 41-year-high of 8 per cent - which have blamed on Biden's spending. The Federal Reserveon Wednesday raised interest rates by 0.75 per cent - their biggest increase since 1994 - in an attempt to rein in inflation. Powell had warned last month that more hikes are likely in the near future.'It's not going to be easy. And it may well depend, of course, on events that are not under our control. But our job is to use our tools to try to achieve that outcome, and that's what we're going to do,' Powell said on May 5.
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