Revisiting Fed Chair Powell's remarks on immigrants in Springfield, Ohio — and their impact on the economy

Published On Sep 17, 2024, 3:24 PM

Jerome Powell, the Federal Reserve Chair, recently discussed the economic impact of immigration, specifically in Springfield, Ohio, which has welcomed a significant number of Haitian refugees. While he acknowledged the strains immigration can place on local resources such as housing and healthcare, he expressed skepticism about broad claims linking immigration directly to inflation. Powell emphasized that in the long run, immigration does not significantly impact inflation, and in the short term, it might even help ease labor market pressures. The conversation comes amid rising tensions in the political discourse around immigration and its economic implications, especially with the upcoming 2024 elections.