The Fed just showed the US still has more work to do in getting inflation under control
increase in June, down from 4.0% in May. Still, as Fed Chair Jerome Powell has repeatedly said, the Fed continues to have a 2% inflation target, meaning more rate hikes will likely be necessary to achieve that goal.
It's unclear how many additional hikes, if any, are in store for Americans this year. But while 2023 began with fears of recession circulating, it's now looking more likely the US might be able to achieve a soft landing, in which the country can continue fighting high prices while avoiding a severe economic downturn.
Still, while Powell and administration officials are confident in the actions the Fed has taken to fight inflation, some Democratic lawmakers aren't convinced. Massachusetts Sen. Elizabeth Warrenthat she is urging the Fed to pause rate hikes to protect Americans from the consequences of further economic tightening.
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