Powell Says Recession ‘Certainly a Possibility’ as Fed Is Determined to Hike Rates to Tame Inflation

Powell Says Recession ‘Certainly a Possibility’ as Fed Is Determined to Hike Rates to Tame Inflation: Federal Reserve Chair Jerome Powell testified in Congress on Wednesday that the central bank remains determined to keep hiking interest rates high enough to cool red-hot inflation, acknowledging that recession is "certainly a possibility" but insisting the American economy is robust enough to withstand tighter financial conditions.