As the country tries to corral skyrocketing inflation, this past week the U.S. received a stark warning from Federal Reserve chair Jerome Powell. On Friday he delivered a decisive announcement making clear that Americans will experience some economic "pain" in the coming weeks and months ahead – and possibly longer – as the Fed fights back against inflation. The American central bank has a difficult task ahead of itself: lead the U.S. economy out of a global pandemic and stave off a recession, all while supply chains are still massively broken and the war in Ukraine keeps oil prices high. Sheelah Kolhatkar, staff writer for The New Yorker who covers Wall Street, joined Ali Velshi to discuss the outlook for the U.S. economy.
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