Jerome Powell has been running the US central bank for 4 years. Struggling to undo the effects of the pandemic that blew up during his term on the US economy, Powell served in a difficult time.
Joe Biden had recently nominated Powell for a second term to the Fed. Speaking in front of the Banking Committee in the Senate today, Powell made important statements.
Emphasizing high inflation in his opening speech, Powell said, “We will use our tools to support the economy and a strong labor market and avoid higher inflation than the established ones.” said.
While Powell was speaking to the Senate, the Chairman of the Banking Committee, Senator Sherrod Brown, made a warning about cryptocurrencies.
“The Fed should take seriously the systemic risks to cryptocurrencies and stablecoins that threaten our economic progress, most notably climate change.”
Powell’s statements about monetary stability and FED’s future policies may cause fluctuations in the markets. You can watch the talk live below.
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