Fed hikes interest rates by 0.75 percentage point for second consecutive time to fight inflation (CNBC)
The he Federal Reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase, taking its benchmark rate to a range of 2.25%-2.5%.
Powell said he does not think the economy is in recession, though growth was negative in the first quarter and was expected to be barely positive in the second quarter.
"Think about what a recession is. It's a broad-based decline across many industries that's sustained more than a couple of months. This doesn't seem like that now," he said. "The real reason is the labor market has been such a strong signal of economic strength that it makes you question the GDP data."
