February 28, 2024

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The chairman of the US Federal Reserve expressed concern about the future of the United States

The chairman of the US Federal Reserve expressed concern about the future of the United States

Federal Reserve Chairman Jerome Powell is very concerned about America's financial future. US debt is growing faster than the nation's economic growth. He said this in an interview 60 minutes On Sunday.

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Powell is concerned, and believes it's time for politicians to start “grown-up discussions” about reducing the soaring U.S. debt.

“For too long, America has been on an unsustainable fiscal path. The US government is on an unsustainable fiscal path. That means debt is growing faster than the economy.

Powell said in an interview. Powell, along with the Federal Reserve, is responsible for, among others, US interest rates. As is known, interest rates have been relatively high for a long time. Currently the interest rate is 5.25 – 5.50 percent.

March is coming very quickly

Initially, the central bank was expected to cut interest rates in March. It won't happen, Powell believes. According to him, there are still not enough signs of economic strength to lower interest rates.

“It is unlikely that the committee will have that confidence ahead of the March meeting in seven weeks' time. Before we take the critical step of lowering rates, we want a little more confidence.

According to Powell, he expects interest rates to be cut this year. But March is still a little early for this. According to Powell, things would have to be pretty crazy if the Fed were to cut interest rates in March.

“The things we'd like to see are weakness in the labor market or a drop in inflation should prompt action.”

The crypto world is eagerly awaiting the interest rate cut. Low interest rates benefit riskier investors assets Like bitcoin (BTC), ethereum (ETH) or any other cryptocurrency.

Investments are more attractive when interest rates are low. Notably, crypto assets and stock markets have performed surprisingly well in recent months despite high interest rates.

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