The Federal Reserve voted Wednesday to raise interest rates by three-quarters of a percentage point. It’s the fourth time this year the Fed has raised its benchmark federal funds rate, citing inflation rates that have surged to their highest levels in 40 years. Fed Chair Jerome Powell on Wednesday dismissed the concerns of economists who say the Fed’s aggressive moves to raise the cost of borrowing will lead to higher unemployment and economic pain for working families.

Jerome Powell: “I do not think the U.S. is currently in a recession. And the reason is, there are just too many areas of the economy that are — that are performing, you know, too well.”