Fed's Powell gets an earful about inflation and interest rates from small businesses
Fox News
Inflation, labor shortages, and high interest rates have all posed dramatic challenges for small business owners in the contemporary US economy.
Powell, along with Patrick Harker, head of the Federal Reserve Bank of Philadelphia, traveled to York to learn about the efforts of the long-time manufacturing hub, where York Peppermint Patties were once made, to diversify its economy.
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The businesspeople they spoke with were generally optimistic but expressed a range of concerns: They are still having trouble finding all the workers they need. Higher interest rates have discouraged some of them from expanding. And higher costs and a chronic difficulty in acquiring enough supplies have persisted.