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Federal Reserve Chairman Jerome Powell does not see the Fed cutting interest rates this year. “Inflation remains too high, and the labor market continues to be very tight,” Powell said, adding: “Financial conditions seem to have tightened, and probably by more than the traditional indexes say.” Fed Chair Powell Expects No Rate Cuts This Year Federal Reserve Chairman Jerome Powell indicated during a news conference Wednesday that the Fed will not cut interest rates this year. His statement followed the Federal Open Market Committee (FOMC) meeting where Fed officials decided to raise interest rates by 25 basis points (bps). Responding to a question about what situation would warrant a rate cut, Powell clarified: Rate cuts are not in our base case. Regarding the broader economy and monetary policy, the Fed chairman stressed: “Inflation remains too high, and the labor market continues to be very tight.” He emphasized that he and his colleagues are committed to bringing inflation d

Economist Peter Schiff has warned that inflation is poised to worsen significantly and Americans’ cost of living “is going to go way up.” Citing that the Federal Reserve is financing a “massive bailout” for banks, he stressed: “This is going to cost Americans a lot of money.” Peter Schiff’s U.S. Inflation Warning Economist and gold bug Peter Schiff explained why inflation is about to get much worse in the U.S. and Americans’ cost of living is about to increase significantly in several interviews this week. Commenting on recent bank failures , he said in an interview with Fox Business: It’s because of the government that Silicon Valley Bank was in the position that it was. The reason it owned so many long-term, low-yielding U.S. Treasuries and mortgage-backed securities was because the Fed kept interest rates at zero for so long. The economist added that banking regulators “pushed banks” into those risky investments “because they give them favorable accounting treatment.” He ela