Steve Forbes argues the Fed’s persistent rate rises are wrecking the American economy 2023

According to Steve Forbes, the Federal Reserve’s relentless rate rises are ruining the economy.

“The Federal Reserve maintains its economic destruction policies. They are pursuing policies that are detrimental to the economy “Thursday, the editor-in-chief of Forbes Magazine said Fox Business.

“You have not just unstable banks. I believe there won’t be too many more, but nations are in peril. You’ve got corporations in jeopardy, “Forbes noted.

Steve Forbes says the Fed’s rate rises are destroying the economy.

Wednesday, the central bank increased its benchmark interest rate to a range of 4.75 percent to five percent in an effort to combat inflation.

The decision followed weeks of uncertainty regarding the Fed’s potential response to the recent banking turmoil, which saw the collapse of Silicon Valley Bank (SVB) and Signature Bank in the United States and the government-backed acquisition of Swiss banking giant Credit Suisse by UBS in Switzerland.

Forbes also criticized the Federal Reserve. He criticized Treasury Secretary Janet Yellen for her contradictory stances on blanket protection for all American bank accounts.

Forbes’ CEO told Fox Business that their plans will hurt the economy.

“They have no idea what they are doing. On the one hand, they wish to avoid accusations of bailouts. On the other hand, they wish to convince the financial markets that they would support the banking sector. This misunderstanding worsens the situation “Forbes claimed.

Yellen’s position on whether regulators would protect American savings has fluctuated as financial worries shake smaller and mid-sized firms. She told legislators on Thursday that regulators “would be prepared to take extra steps if necessary” to safeguard the financial system. Her comments come a day after she stated that a blanket protection policy for all bank deposits was not being considered.

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