Federal Reserve Chair Jerome Powell expressed what many on the conservative side have been warning about when he pinned the cause of the nation’s rising unemployment rate on the unprecedented numbers of illegal migrants entering the United States.

Earlier on Wednesday, Powell announced the agency was cutting interest rates by half of a percentage point in an effort to give much needed relief to borrowers. When asked by a reporter about the nation’s currently dismal job creation numbers, he responded, “If you’re having millions of people come into the labor force — and you’re creating 100,000 jobs — you’re going to see unemployment go up.”

Unemployment currently sits at 4.2%, which is up from 3.4% in April of 2023. While inflation has eased in the last several months, overall prices of consumer goods remain up more than 20% since President Joe Biden took office in January 2021.

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