By Bryan Mena, CNN
Washington, DC (CNN) — Federal Reserve Chair Jerome Powell said Thursday the attack on Israel earlier this month was “horrifying,” and he warned of the uncertain outcome of “highly elevated” geopolitical tensions on the global economy.
The Fed chief also said higher interest rates are constraining the US economy. While he acknowledged steady progress on slowing inflation, he stopped short of declaring victory, citing the economy’s resilience, according to prepared remarks ahead of a discussion at the Economic Club of New York.
“Tight policy is putting downward pressure on economic activity and inflation,” Powell said.
The job market, economic growth and consumer spending have all held steady despite the Fed’s 11 rate hikes, while inflation has steadily slowed over the past year.
However, the war between Israel and Hamas…
