The chairman of the Federal Reserve is warning Americans they could feel the bank’s higher interest rates. We’ll also look at the resilience of retail sales and a summer travel nightmare. But first, the latest on the national baby formula shortage. Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Subscribe here. Powell: Fed’s fight against inflation may bring ‘pain’ Federal Reserve Chairman Jerome Powell warned Tuesday the U.S. could feel “some pain” as the central bank raises interest rates to fight inflation, insisting the Fed would do whate
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