Kennedy recently stated that the Fed may need to increase the interest rate to 8-10% to address the country's inflationary pressures. Economics Inflation
that Federal Reserve chairman Jerome Powell will have to raise rates much higher than usual if Congress does not slow down its stimulus spending.the benchmark bank rate by 25 basis points , marking the tenth consecutive rate hike and bringing the rate to its highest level in approximately 16 years., calling for president Biden to have a serious conversation with House speaker Kevin McCarthy about how to allocate resources and reduce inflation.
Senator John Kennedy also addressed concerns about the U.S. banking industry, warning that modern technology can quickly turn a small disturbance into a full-blown panic. According to Kennedy, banks today rely heavily on trust, and are far less fortified than they used to be. In fact, Kennedy went so far as to compare modern financial institutions to pyramid schemes, stating that they are essentially “sophisticated Ponzi schemes.
“They’re really just … and don’t take this the wrong way … sophisticated Ponzi schemes,” Kennedy emphasized.that the country could face a potential default on its debt limit in June, which could have dire economic and financial consequences. With the United States currently carrying a staggering $31 trillion in debt, the stakes are high.
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