Federal Reserve Chairman Jerome Powell suggested migrants are helping drive rising unemployment during a press conference on Wednesday. Powell spoke

Fed Chair Jerome Powell said at a press conference that the influx of migrants into the U.S. has contributed to the rise in the unemployment rate as they enter the labor market.

Federal Reserve Chairman Jerome Powell blamed the migrant crisis for the nation’s growing unemployment after cutting the benchmark interest rate by 0.5 percentage point for the first time since early days of Covid-19 on Wednesday.