The Cost of Raising Interest Rates

Elizabeth Warren had given Jerome Powell a bit of a hard time when he was giving his testimony to the Senate Banking Committee in the US recently. She pointed out by his own numbers, two million extra people were going to lose their jobs according to their own forecasts. Since the end of World War II, there have been 12 times in which the unemployment rate has increased by 1 percentage point within one year. That's exactly what your Fed report has put out as the projection and the plan based on how you're going to keep raising these interest rates.