Federal Reserve Chair Jerome Powell touted the strength of the U.S. economy Wednesday and expressed confidence it can handle the central bank’s higher interest rates despite rising fears of a recession among economists.
Testifying before the Senate Banking Committee, Powell acknowledged the U.S. faces serious challenges in curbing inflation and navigating an “extraordinarily challenging and uncertain time” for the global economy.
Even so, Powell signaled optimism in the Fed’s ability to bring down inflation without causing a recession, despite deepening fears of a downturn.
“We are highly attentive to inflation risks and determined to take the measures necessary to restore price stability. The American economy is very strong and well positioned to handle tighter monetary policy,” Powell said in his opening remarks.
Powell cited an unemployment rate of 3.6 percent, an average monthly gain of…
