Federal Reserve Chairman Jerome Powell has warned of “highly uncertain and adverse” economic consequences if the U.S. defaults on its debt obligations. “No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time,” he further cautioned.
Fed Chair Jerome Powell’s Debt Default Warning
Federal Reserve Chair Jerome Powell has warned of the potential consequences of a U.S. debt default. “We’d be in uncharted territory and the consequences on the U.S. economy could be highly uncertain and adverse,” he said this week, adding:
No one should assume that the Fed can protect the economy from the potential short and long-term effects of a failure to pay our bills on time.
Powell’s warning came after the Federal Reserve increased its key interest rates by 25 basis points this week — its 10th hike in 14 months. The increase takes the Fed Funds Rate to a target range of 5%-5.25%, the highest since A
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