Fed Warned to Stop ‘Needless Rate Hikes’ as Inflation Cools for 10th Straight Month – By Jake Johnson (Common Dreams) / May 10, 2023
“The verdict is in: we don’t have to choose between low prices and low unemployment. We can have both,” said one economist.
Progressive economists on Wednesday welcomed newly released U.S. inflation data as further evidence that price increases can be brought under control without crushing the labor market and throwing millions out of work.
But they also warned that the still-strong job market could falter, with devastating consequences for workers, if the Federal Reserve keeps raising interest rates in the coming months.
“The verdict is in: We don’t have to choose between low prices and low unemployment. We can have both,” said the Groundwork Collaborative’s Lindsay Owens after the Labor Department released new data showing that the Consumer Price Index (CPI) rose 4.9% in April compared with the previous year—a cooler figure than analysts expected.
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