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'The Federal Reserve is doing a bad job': Economist Steve Hanke Federal Reserve Chair Jerome Powell says he won't cause a deep recession but that "pain" is necessary to fight inflation. To curb the largest price increases in four decades, the US Federal Reserve has been raising interest rates this year. "The Fed is doing a bad job because they don't have the money supply on their dashboard," says Steve Hanke, a professor of applied economics at Johns Hopkins University. "The monetary policy revolves around the growth rate and the money supply; that is the key, not interest rates," he tells FRANCE 24.