Federal Reserve officials Jerome Powell and Patrick Harker visited York, Pennsylvania on Monday to interact with local small-business owners and gain first-hand insights into the challenges they are facing in the current economic climate.
The officials met with entrepreneurs such as Julie Flinchbaugh Keene of Flinchbaugh’s Orchard & Farm and Jennifer Heasley from Sweet Mama’s Mambo Sauce. The business owners highlighted several issues including unpredictability in business, rising operational costs, inflation, and labor shortages.
Jennifer Heasley further elaborated on the impact of high interest rates on her business, stating that these were eroding her profit margins. The tour by the Federal Reserve officials aimed to highlight both the economic successes and the challenges faced in York. These challenges reflected similar issues mentioned in the Beige Book report.
The visit to York represents an effort by the Federal Reserve to understand the real-world implications of their monetary policies. By engaging directly with small businesses, they aim to better understand the struggles faced by this sector amidst economic uncertainty.
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