Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. Warren expressed concern about the impact of the Fed's rate hikes on families and the risk of a recession. "Rate hikes won't make Vladimir Putin turn his tanks around and leave Ukraine," Warren said, adding that they won't break up corporate monopolies or stop Covid-19. Warren said that rate hikes will, however, raise borrowing costs on families and could cause job losses. "There's some pain involved in that for people paying higher mortgage rates," Powell said.

Source: CNN June 23, 2022 02:40 UTC