Thursday June 30, 2022

Powell’s Monetary Policy Reporting Seems MundanePowell’s Monetary Policy Reporting Seems Mundane
  • The US inflation crossed the planned 2% and reached a decade high of 8.9%
  • Crypto and digital assets need regulation similar to banking and capital market ones. 

On June 22, Federal Chairperson Jerome H Powell presented the Semiannual Monetary Policy Report to Congress. The policy report had statements regarding the current economic condition and the solvable plan by the authority.

Chair Powell’s speech declared many things such as an increase in the rate, and the skyrocketing inflation rate. The current US inflation is 8.9%, which is the highest in past decades. This is shocking even to the Fed as that is much above their planned 2%. At the same time, the unemployment rate has seen a 50-years low, more job openings are there at present.

Powell on Crypto Regulations

The three senators at the congress bombarded Powell with questions on crypto, its drastic fall, and the regulations on the crypto. He replied stating that they are observing the situation and are keenly having a look at it.

Powell states

“We are tracking those events very carefully, but the central bank is not really seeing significant macroeconomic implications, so far.”

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And he also thinks that similar products and services should have homogenous regulations. But this is not the case at present, multiple virtual assets are being treated differently and there is no common ground as of now to land. He wants that to be carried out soon.

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