Fed Chairman Jerome Powell made statements on monetary policy in his speech at the Cato Institute conference. He maintained Powell’s hawkish stance, saying things similar to his previous statements.
The sales headlines from Powell’s statements, who were in front of the cameras for the first time after the Jackson Hole meeting, are as follows:
“Without Covid, inflation would not have risen so much.
We must act strongly on inflation. We have to keep going until we finish this job.
We will not be influenced by political considerations on monetary policy.
Our labor market is still very, very strong.
Our fiscal policy is not sustainable.
We move with a lot of uncertainty when preparing monetary policy. This increases the importance of our moves.”
Answering a question about cryptocurrencies, Powell said that there are two aspects to this, and that cryptocurrencies that are not backed by anything cannot go beyond speculative assets.
On the other hand stablecoins Stating that it may have a place in the financial system, Powell emphasized that there is a need for regulations in this regard.
“There are two aspects to this.
First, cryptocurrencies that are not backed by anything have not provided any public benefit in terms of payments. These are more speculative assets.
Stablecoins can play a role in the financial system. There is a need for legislation on these as well. They must be properly arranged.”
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Powell: These should be arranged appropriately. Legislation is needed.
— Bitcoin System (@bitcoinsystem) September 8, 2022
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