Federal Reserve Chair Jerome Powell says there's a risk the Fed could go too far on rate hikes but it's not a top risk to the economy. Photo: Bloomberg
Recession fears continue to ratchet higher even as Fed Governor Jay Powell hopes the US can avoid one. Powell, speaking at the ECB's annual policy forum in Sintra, Portugal, said: "We hope that growth will remain positive," even as the Fed hikes rates to curb the highest inflation in 40 years. Inflation is continuing to reverberate through the market, with high-end furniture retailer RH slumping in extended trading after slashing its forecast for the second time in less than a month, blaming soaring mortgage rates and shrinking sales of luxury homes. Meanwhile, China's economy showed further signs of improvement in June.