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On June 2, U.S. Federal Reserve Chairman Jerome Powell delivered an important speech amid tense economic and political conditions. Here are the key points
Monetary policy and the independence of the federal
- Powell confirmed that the federal's decisions will be based on economic data rather than political pressures, despite his recent meeting with President Trump who pressured for rate cuts.
- Mentioned that the federal is considering reviewing the monetary policy framework to keep pace with economic changes since the COVID pandemic but did not provide clear hints about imminent changes in interest rates.
Inflation and fees
Warned that the new tariffs announced by Trump (doubling steel and aluminum tariffs to 50%) could temporarily increase inflationary pressures, but the federal will monitor their impact on the economy.
- Noted that inflation is still within the target range, focusing on upcoming labor market indicators, such as the non-farm payrolls report scheduled for June 6.
Response to resignation rumors
- Powell denied rumors circulating on social media about his resignation, reaffirming his commitment to his position until the end of his term in 2026.
Emphasized the independence of the federal, noting that the Supreme Court confirmed the president's inability to dismiss the central bank president *economic outlook
- Indicated that a rate cut in 2025 is still a "probable possibility"#SaylorBTCPurchase
