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Senator questioned Federal Reserve Chairman Powell about the economy and the continued difficulty for everyday Arizonans to make ends meet
WASHINGTON – In a Senate Banking Committee hearing, Arizona senior Senator Kyrsten Sinema questioned Federal Reserve Chairman Jerome Powell about the state of the economy – including the impact of rising prices on ordinary, everyday Arizonans’ ability to get ahead.
“At home, Arizona families are struggling. Higher prices make it more difficult to afford groceries, gas, rent, and airfare, while rising interest rates make it more difficult for first-time homebuyers to buy a home. It’s more important than ever we get it under control,” said Sinema, a member of the Senate Banking Committee.
The Semiannual Monetary Policy Report to the Congress is a twice-yearly meeting where the Chair of the Federal Reserve details the state of the economy to members of the U.S. Senate Banking Committee and takes questions from Senators. The hearing comes as Arizona families continue to grapple with higher prices for essential items like gas and groceries.
During the hearing Sinema questioned Chairman Powell about inflation’s impact on the economy – including how raising interest rates to tackle inflation has slowed housing development, which is a major economic driver in Arizona. The Senator noted that proposals to ease the pain of inflation by dramatically increasing federal spending will make inflation worse, which is why tackling inflation has been so difficult historically. She concluded by reiterating the importance of getting inflation under control.