(Finance) – The president of the Fed, Jerome Powellsaid that the Federal Reserve He wants to see further progress on the return of inflation to his 2%goal, progress that in recent months have not been seen, before proceeding with new cuts in interest rates. In an audition to the Chamber of Representatives of the United States, Powell stressed that at the moment “we can afford the luxury of waiting”. While recognizing that inflation made progress towards that target, he reiterated that in the United States it remains “to some extent high”, as he had underlined yesterday on the first day of the half -yearly hearing at the congress.
Powell then explained that since he started the reduction maneuver of his budget The Federal Reserve has a total abandoned titles of the Treasury USA for 2,000 billion dollars and “I think we still have to go on”. Powell, however, stressed that the Fed intends to maintain “large reserves” because “when there is no liquidity Nothing good happens “and that for this reason at a certain point it will stop reducing the amount of the budget.
The president then made it known that there were no contacts with the Federal Reserve with exponents of the Dogethe body for cutting waste in the federal administration that the US president, Donald Trump has entrusted to Elon Musk.