Jerome Powell testified in front of Congress this week and the main takeaway was “we are absolutely going to keep ripping rates if we need to - and it looks like we need to.” On the second day of his testimony, he walked back a bit stating -  "If — *and I stress that no decision has been made on this* — if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes."  Elizabeth Warren posed a question that pretty much everyone has been asking for the past few months - “what about the labor market?”  “What do you say to the 2 million people who you plan to put out of work with your rate hikes?” Jerome Powell then explained that well, if we don’t fix inflation now, it’s going to be a lot higher than 2 million down the road. The idea is that by not nipping inflation in the bud, the consequences to the labor market will be extreme.  So the Fed is balancing both the labor market and price stability, trying to make sure that they can get inflation down with their rate hike cannon but also trying to make sure that the projectiles that they are firing into the economy don’t hurt anyone that bad.  
Full article: https://kyla.substack.com/p/labor-market-vs-inflation 
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