Federal Reserve Chair Powell links rising insurance costs, including home and car, to high inflation rates, hindering efforts to lower interest rates.
Federal Reserve Chair Jerome Powell revealed that insurance costs, including home and car insurance, are contributing to high inflation rates. These surging insurance costs are hindering the Fed's efforts to lower interest rates to their 2% target. Inflation figures show auto insurance costs increased 20.6% in the past year and 0.9% in February. Part of the increase in car insurance comes from more expensive parts and replacement vehicles.
March 12, 2024
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