Small Businesses Express Concerns to Fed Chair Powell about Inflation and Interest Rates

Federal Reserve Chair Jerome Powell and Patrick Harker, head of the Federal Reserve Bank of Philadelphia, visited York, Pennsylvania, to hear from small-business owners about their experiences with inflation, labor shortages, and high interest rates. The businesspeople expressed concerns about difficulties in finding workers, discouragement in expanding due to higher interest rates, and persistent challenges in acquiring supplies. Powell assured them that the Fed is working to address inflation. The visit comes as the Fed monitors the economy for signs of a "soft landing" and plans to keep interest rates higher for longer.