NEW YORK, Sept. 30 (Xinhua) -- Federal Reserve Board Chair Jerome Powell last week increased the Fed fund rate by 75 basis points and promised additional increases by year's end to lower the present annual inflation rate of 8.3 percent, which could cost the economy 1.2 million jobs, reported The Hill on Wednesday.
"Powell's decision suggests he prefers trading the pain of 1.2 million lost jobs for a little lower inflation for all. This is a costly action that ignores a less painful option. It is also Powell's third error in the past few years," the report noted.
