⚡ Jerome Powell (Chairman of the Fed):
✔ There is no recession in the USA.
❗️We may see inflation turn out to be lower than expected, in which case we would consider a Fed rate cut.
✔ A weakening labor market also suggests a faster rate cut.
✔ The Fed predicts that inflation will rise due to tariffs.
✔ Most Fed members believe it would be appropriate to cut rates later this year.
✔ So far, there are no conflicts between the Fed's dual mandates (labor market and inflation).
✔ The Fed's policy will not trigger an increase in housing supply in the long term.
❗️Banks are free to provide services to the crypto industry and conduct their activities, provided they ensure safety and reliability.
✔ I'm not worried about the latest macroeconomic data, but I am concerned about how it might change.
✔ We expect inflation to rise due to tariffs, but we do not yet know the extent of its impact on consumers. Therefore, we must wait.
✔ As long as the economy remains strong, we can afford to take a short pause.
❗️We will lower the Fed rate when the time is right.
✔ I think inflation will start to rise due to tariffs beginning in June.
✔ We will monitor the situation throughout the summer.
✔ There is no need to rush.
✔ I will not name a specific month in which we might cut the Fed rate.
✔ The Fed is simply trying to act cautiously and prudently.
✔ Economic growth will slow down this year. Immigration is one of the reasons.
✔ The dollar will remain a reserve currency for a long time.
✔ The US government bond market is functioning normally.
❗️The Fed will not tighten monetary policy or adjust the rate just because of rising oil prices. We will evaluate the entire macroeconomic picture.
J. Powell testifies before the House Financial Services Committee on Monetary Policy.#BinanceTGEXNY $BTC