August 26, 2022
Media Advisory: SIU profs can discuss Fed Reserve Chair Powell comments, economy
CARBONDALE, Ill. — As central bankers meet this week for their annual retreat in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell will speak on the economic outlook at 9 a.m. Central Time today (Aug. 26), and afterward, two professors from Southern Illinois University Carbondale’s College of Business and Analytics are available for interviews regarding what Powell has to say.
Kevin Sylwester, professor of economics and director of the School of Analytics, Finance and Economics, can be reached at ksylwest@siu.edu. Scott Gilbert, economics program coordinator, can be contacted at gilberts@siu.edu.
Powell is expected to address the Fed’s resolve to keep raising interest rates to control inflation and other related matters. The Fed raised its benchmark interest rate three-quarters of a percent in July and in June, the fastest hikes since the early 1980s. The move came after the U.S. Department of Labor reported that inflation hit a new 40-year high of 9.1% in June. Prices rose 1.3% between May and June, rents increased at double-digit rates and prices on many items continued to climb, as inflation was well above historical levels for 16 consecutive months. Although inflation has leveled off some slightly, many experts are predicting another 1/2 to 3/4% hike when the Fed meets Sept. 20-21, depending upon the August numbers on jobs and consumer prices from the Department of Labor.
Many experts and economists also anticipate that the decision by President Joe Biden to cancel up to $20,000 in student loan debt for millions of borrowers may have broad economic consequences, affecting inflation. Meanwhile, recent polls indicate that consumers and small businesses have recession concerns. A Morning Consult/Politico poll found that 65% of registered voters believe the U.S. economy is currently in a recession, although one hasn’t been declared by the National Bureau of Economic Research, the nonprofit organization that officially makes such a determination. And, the majority of small business owners participating in a CNBC/SurveyMonkey Small Business Survey conducted last month indicated that 57% believe the U.S. is already in a recession while another 14% predict the country will be before the end of 2022.
Gilbert and Sylwester can discuss these issues. Gilbert will be available to speak to media from the conclusion of Powell’s speech until 3:30 p.m.; Sylwester will be available from 11 a.m. to 3 p.m.
Kevin Sylwester
Scott Gilbert