Powell says U.S. economy can handle the additional rate hikes that are coming

Federal Reserve Chairman Jerome Powell on Wednesday pushed back against economists who argue that aggressive Fed interest-rate hikes have increased the odds of a recession or hard landing for the U.S. economy.

“The American economy is very strong and well positioned to handle tighter monetary policy,” Powell said, in remarks prepared for delivery to a Senate Banking Committee hearing. He said that gross domestic product has picked up since a weak first quarter and…

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