Warren tells Powell he could 'tip this economy into recession'

STORY: Warren grilled Powell at a hearing before the U.S. Senate Banking Committee.

Inflation continues to run well above the Fed's targeted level of 2%. A gauge of price increases that excludes volatile food and energy costs may have flattened out or eased somewhat last month, Powell testified, but Russia's Ukraine invasion and COVID-19 lockdowns in China are putting continued upward pressure on inflation.

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