The Fed’s Neel Kashkari explains why fighting inflation will disproportionately hurt Black workers
The Federal Reserve has already raised interest rates four times this year to try to tame inflation, and more hikes are likely. It’s a tried-and-true method of getting rising prices under control, but it comes at a cost: American jobs, and in particular, Black American jobs.
By raising the cost of borrowing money, the Fed is essentially trying to bring consumer demand in line with supply while reducing the power of workers. In Fed parlance, that’s known as “softening labor market conditions.” What that amounts to is…