Richmond, Va. (NewsradioWRVA.com) - Senator Mark Warner spoke before the Fed raised interest rates three-quarters of a point and commented that the Fed, frankly, waited too long to start raising interest rates to try to calm inflation.
He also adds that the Fed and the administration was wrong when they said more than a year ago that inflation was transitory. Warner says that there's an art to the process of raising interest rates and doing so at the right time can have a positive effect on the economy.
As far as whether or not there is a recession looming, he says he's been through a lot of recessions and he's never seen one where the job market is so strong. He says even though there could be other criteria met for a recession, the strong jobs market seems to indicate we're not heading toward one.