Today, Federal Reserve Chairman Jerome Powell spoke at a chat meeting. Powell said more time is needed for the restrictive policy to work. As interest rates remain high, the debt burden of the United States continues to increase rapidly. Cryptocurrency billionaire and Galaxy Digital CEO Mike Novogratz has warned of the impending crisis due to America’s rising debt. Novogratz suggested Bitcoin as a hedge, citing its potential during times of economic uncertainty.
Cryptocurrency billionaire Mike Novogratz recommends Bitcoin!
cryptokoin.comAs you follow from , the Federal Reserve maintains its cautious stance after the hot US CPI. This means that interest rates will remain high for a while, as stated by Fed Chairman Jerome Powell. However, the debt burden of the USA is also increasing due to high interest rates. Galaxy Digital CEO Mike Novogratz also drew attention to America’s increasing debt burden. Novogratz warned that the government must act urgently. The ratio of US debt to GDP has reached 125%. Most of the countries that reached these levels had to restructure their debts.
Novogratz states that policymakers must take decisive steps to strengthen the country’s financial stance and create permanent growth. He also recommends Bitcoin as a hedge against possible debt, with rising debt profiles and the threat of currency devaluation. In this context, Novogratz emphasizes the power and potential of Bitcoin. With Mike Novogratz’s warning, market participants are evaluating ways to prevent crises.
Currently, there is a certain concern about the resilience of the banking sector in times of economic instability. This is exactly the time when Galaxy Digital’s CEO calls for action. Analysts echo Novogratz’s sentiments, emphasizing the role of bold government intervention in preventing the financial crisis.
Fed Chairman Powell: More time is needed!
US Federal Reserve (Fed) Chairman Jerome Powell participated in a conversation about economic trends in North America at the Wilson Center’s Washington Forum in Washington DC. Powell said that the performance of the US economy is quite strong. He also stated that the latest data show that there has been no significant progress on inflation this year. Powell noted that despite continued strength, the labor market is transitioning toward better balance. Here are the highlights from Powell’s speech:
- The U.S. performance was “fairly strong.”
- Latest data show that no further progress can be made on inflation this year.
- The labor market is moving towards better balance despite continued strength.
- Broad wage pressures are gradually decreasing.
- Twelve-month core PCE inflation was little changed in March, according to forecasts.
- The Fed took a cautious approach to avoid overreacting to last year’s declines. Moreover, recent data did not inspire further confidence.
- If high inflation continues, the Fed will maintain the current interest rate as long as necessary.
- More time is needed for the restrictive policy to work.
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