huge piece that will make a major move. we re also watching capitol hill and in less than an hour fed chair jerome powell will testify before the house financial services committee. it comes after he testified on the senate side yesterday and warned that a recession is quote, certainly a possibility due to the fed rates hikes. with senators like elizabeth warren putting him on notice. chair powell, will gas prices go down as a result of your interest rate increase. i would not think so, no. chair powell, will the interest rate bring food prices down for families? i won t say so, no. you know what is worse than high inflation and low unemployment, it is high inflation and a recession with millions people out of work. and i hope you ll reconsider that as you drive this before you drive this economy off a cliff.
The U.S. central bank is expected to raise interest rates by 75 basis points on Wednesday after last week's consumer price inflation data came in much hotter than anticipated.