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In the latest "60 Minutes" interview, Federal Reserve Chairman Powell actually threatened that he did not have to wait for inflation to return to 2% and was actively considering preparing for an early interest rate cut.
The U.S. economy is currently so strong, with the core inflation rate as high as 3.9% and the nominal inflation rate still at 3.1%. The economic environment does not yet have the conditions for a shift in monetary policy.
But with Powell’s impatient statement, doesn’t it give Biden the consideration to assist in next year’s election? Don’t forget who nominated him for three terms as Fed chairman.
It is conceivable that maintaining economic prosperity at all costs is Powell's invisible political task. Before the election at the end of the year, the Federal Reserve will cut interest rates at least once, and may even stop shrinking its balance sheet.
Interview link:
https://www.cbsnews.com/news/full-transcript-fed-chair-jerome-powell-60-minutes-interview-economy/
