Former Fed officials stated that the Fed is facing a recession.
The dose of criticism towards the Fed began to increase. Former Fed officials who served under Fed Chairman Jerome Powell also began to criticize.
One of the top figures on Fed Chairman Jerome Powell’s former monetary policy board, Richard Clarida, said the Fed will need to raise interest rates to slow economic growth and stop inflation. Randal Quarles stated that an economic recession is now likely. Stating that Fed was late in raising interest rates.
Richmond Fed President Thomas Barkin also pointed out that every option should be on the table to stop inflation.