- Federal Reserve Chairman Jerome Powell confesses he is uncertain what the future holds and stresses “humility” in the future of the American economy as the US transitions to a more vaccinated populace.
- He claims that the Fed’s current policy is “putting us in a position to be able to address the range of plausible outcomes.”
- Powell is still under investigation for dumping a large amount of stock shortly before the economic crash at the dawning of the COVID-19 crisis.
Sarah K. Burris from Rawstory writes:
“Federal Reserve Chairman Jerome Powell on Wednesday confessed that he is uncertain what the future holds with the American economy.
According to Politico, the Fed is “tapering its asset purchases” with no clear understanding of the next steps. In a press conference after Wednesday’s meeting, Powell focused on the “unknowns” for when “price pressures will ease” and how quickly Americans can reestablish the job market after the Delta variant wreak havoc across the country. He also made it clear that they have no clue whether the Fed will adjust interest rates, saying, “We think we can be patient.” That said, traders have already assumed it is forthcoming.
“The long-awaited move signals both optimism about the pace of job growth and wariness about price surges that have pushed inflation up to its highest level in decades,” said the report. “The central bank has been buying $120 billion a month in U.S. government debt and mortgage-backed securities, a process designed to supercharge its efforts to keep borrowing costs low for households and businesses.”
Powell went on to stress “humility” in the future of the American economy as the worst part of the pandemic transitions to a more vaccinated populace…”
See full story here.